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This is an 80 million dollar deal in today’s dollars.
Net Present Value.
The NPV is a function oif both the 40 year term as well as the discount rate that you apply to it.
…and Westfield has spent close to $80 million on the park and facilities, if I’m adding up the dollars mentioned in the story. So it’s a face saving wash sale…
Would have been nice to have a graduated deal that increased each 5 or 10 years. At least the city council rightfully backed off of their idea to sell it. NPV is a great perspective!
I want to say that Keystone Group, Indy Sports & Entertainment, and Indy Eleven are the same ownership. Bullpen Ventures is a separate entity. 2 groups managing the property……
Well at least Andy Cook unloaded his marquis turd before he left office…..Of course tax payers will have to pay if it doesnt meet a performance standard…
It might be an OK deal unless they let them do a TIF for the new district …
“Westfield calculated that Grand Park attracted 3.2 visitors last year.”
That’s just short of $100 million per visitor! Nice…
3.2 million visitors
Question how much of an economic impact that translates to for Westfield. The Westfield restaurant Red Haberino had a sign saying you must order food What was happening was these traveling sports team were taking up table space and ordering drinks but eating food that their moms had made for them. I think these traveling sports teams travel pretty economically.
That’s just flat rude by the parents and the restaurant should have tossed them.
You are correct – teams frequently travel with big coolers of their own food because it’s long days in facilities sometimes far away from food/drink options. You also might find yourself in a hotel in a downtown area on a weekend which lots of other options being closed by the time you get done playing at 10pm. And, yes, there’s the economic aspect.
So if Westfield is going to collect taxes on this new Grand Park Village? Might turn out to be an OK deal. If they give Ozdemir a TIF, it’s a big mistake.
From this very publication:
No-holds-barred tactics lifted developer Ozdemir
“He’s the master of public subsidy—getting public dollars into projects,” said a former high-ranking Keystone employee who spoke with IBJ on condition of anonymity. “But he wants everything to be completely closed book. His experience tells him you can do both.”
https://www.ibj.com/articles/46528-no-holds-barred-tactics-lifted-developer-ozdemir
Ozedmir has made millions off of deals with cities. He will not build anything without Tax Incentive Financing. In the real world without taxpayer subsidy Ozedmir went bankrupt. A 40 yr deal is ridiculous and no city council should approve something that long term. NPV proves this is not a good deal.
Yes, unfortunately I will have to get involved in Westfield politics now and make sure we don’t do a deal with this charlatan.
As usual, getting rich with other people’s money