Rick's Blog

Donovan/Nobles petition could cost city millions

The City has already taken the New Market Tax credits – $12 million. A condition of the New Market Tax Credits was that the City Council pass the design & build contract for the stadium (and,yes, the construction of the stadium is also a condition). If the design & build contract is rescinded, the taxpayers will be footing the build for the penalties associated with failure to meet the conditions of the NTMC agreement.

The City of Pensacola will lose the $12 million and have to pay the penalties. The City will lose the $12 million office building and the land leases and taxes associated with it that Studer was going to build. The park and martime museum lose $2.25 million that Studer has given. The CMPA loses $250,000 annual payments that Studer pledged for the first five years of operations.

Will Marty Donovan and Jack Nobles step in Studer’s shoes? Pay all penalties associated with NMTC, build the $12 million office building, give the CMPA $250K a year and give the maritime museum $2.25 million.

Pop out the checkbook, fellows.

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