FAQs: Frequently Asked Questions

But what if these new estimated costs are inflated and the developer does not actually have to spend all of that private money to build the project; is the City still obligated to pay the extra $6M?

No. The proposed amendment says that if the developer does not spend at least $105M on the overall project costs, they don't get the $6M increase to the Public Financing Cap.  In other words, if the 3 phases of the Project end up costing a total of only $95M, for example, then the Public Financing Cap remains at $22M (the Cap number in the original agreements).  The developer is required to provide documentary evidence of these Project expenditures to the City.