The Tennessean: Rezoning fairgrounds for mixed-use development nearly doubles land value to $20M, new report says.
Rod's Comment: That is a nice chunk of corporate welfare. In summary, the deal would work like this. The developer would lease the property on a 99 year lease and would pay $22.8 million over the term of the lease, paying the city a minimum of $200,000 a year. However, Parking revenue collected from non-soccer events at the new stadium,
such as concerts or other events, would go toward the annual base
rent and could offset the entire $200,000 a year. So, the developer is basicly getting the $20 million property for free.
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