Below is the fourth section of my look at documents provided under the Freedom of Information Act by the Village of Lakewood:
A Feb.18th email from Karen Walker, whom I believe is involved in the financing end of the SportsPlex, seems to lead credence to Trustee Ken Santowski’s concern.
“Since the TIF is such a critical component of the bond financing, we need to demonstrate to potential investors that the TIF development and projected TIF revenues will be forthcoming; any letters of interest would be very helpful.
“We introduced the TIF concept as a way to make the project financing marketable, as investors will not rely solely or mostly on projected revenue for a state-up project.
“The TIF was expected to cover 100% of the project’s TIF eligible costs – estimated as $58 million…[Emphasis added.]
“I will also reach out to you to discuss the TIF reimbursement for Sportsplex.”
Earlier February emails seem to say that the SportsPlex developers want more of a public subsidy than infrastructure.
Here’s part of a Feb. 4th one from Village Attorney Michael Smoron to Walker:
“Keep in mind, Sportsplex is not making debt service payments directly but depositing its daily operating and ancillary receipts with the bond trustee. The shared taxes/TIF receipts are being deposited with the trustee at least monthly from the State/other source.” [Emphasis added.]
Also read this Feb. 5th one that Geoffrey Dickinson wrote the Village Attorney the following:
“Will be need another table/exhibit of sales tax eligible expense in the RDA then?
“It sounds like we have the least legal flexibility with that source, next least rif, most with flex biz district, right.”
In any event, the SportsPlex did not end up on the March 24th agenda. March 24th was two weeks before the April 7th election.
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