Revitalize rva 1 20-14
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Transcript of Revitalize rva 1 20-14
Broad Street
Franklin Street
Main Street
17th
Stre
et
Boulevard Ballpark Shockoe Ballpark
(+ Shockoe) (+ Boulevard)
ANNUAL NET NEW TAXES $5.1M to $6.1M $10.5M to $12.1M
NET NEW TAXES (20 YEARS) $74.8M to $91.7M $160.6 M to 187.8M
Shockoe alternative generates twice as much net new tax revenue.
FINANCIAL ANALYSIS
Stand-Alone
Shockoe Ballpark Development
LOW HIGH
ANNUAL NEW TAXES $3,874,778 $4,151,708
BALLPARK DEBT SERVICE $4,062,976 $4,062,976
DIFFERENCE ($ 188,198) $ 88,732
Essentially Break-Even
Ballpark Related New Development Pays Enough Taxes to Pay For The Ballpark
FINANCIAL ANALYSIS
COST COMPARISON
Shockoe Boulevard
Ballpark $40,000,000 $40,000,000Ballpark A&E and FF&E 8,250,000 8,250,000Land 4,400,000 Infrastructure 13,770,000 3,100,000Demolition 1,000,000 1,000,000Parking 5,000,000Slave Heritage Site 5,000,000 Relocation of Bldgs. (net of land) 2,450,000 6,800,000Contingency 4,755,000 4,005,000
TOTAL $79,625,000 $68,155,000
FINANCIAL ANALYSIS
Boulevard: Concepts from Other Cities
Boulevard: Concepts from Other Cities