Friday, September 18, 2009
40 Jealous Whores / The Economy / Woods New Questions About Convention Center
Posted by Jeff Woods on Fri, Sep 18, 2009 at 9:10 AM
Another damaging blow to Mayor Karl Dean's new convention center courtesy of Channel 5: A memo from former finance director David Manning raising questions about whether tourist taxes can cover the cost.
The memo states, "It appears likely that the new taxes and growth from the established hotel/motel taxes will not produce enough money to pay for the bonds needed for the $455 million" project.
Since the memo was written, guess what? The cost has gone up, and we're in the grips of the Great Recession. We're no financial whiz but we think that means this project's even more likely to run in the red.
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