Quote:He is putting in his money, but not all of the money required to do these things.


Regarding the amphitheater and practice facility, the total cost is estimated at $90 million. Khan is putting up his own money to cover half of the costs. The other $45 million is covered by the bed tax.


In the Shipyards, it's my understanding the only quibbling is over the cost of the cleanup (estimated to be $30-$40 million). The city council already approved his plan to develop the shipyards, but that is the stumbling block. But Khan is putting up his money to develop that area.


Personally I don't understand the reluctance to back Khan on this.


It's not as if the city was getting anything out of the Shipyards, as is.


It's not as if the stadium was drawing much in the way of revenue before the Jaguars.

You're correct. The city is obligated to pay for the cleanup. The land is a toxic stew, and will need $30-40 million to get it to the point where development can begin. Once the site is developed with Khan's money, that property will begin generating tax revenue on the land that hasn't been seen in forever. In addition, it will bring more revenue to the downtown district in tourism, retail, restaurants, entertainment, and housing, not to mention the hotel.


Another delay was the change of mayors. Fortunately, the new administration seems to be just as committed as the last to getting this done.


The red tape to get this project off the ground has always been a stumbling block, but so has the financing of past projects. That's not an issue this time around. It could wind up that Khan foots a portion of that bill as well just to get the project rolling, but that will mean additional concessions from the city. Best case is the city funds the cleanup, expedites any permitting, and gets out of the way as best they can because everyone benefits if this comes to fruition.

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