From Scott Coffey:
1. The current tax bill for the property is $120,465. Once taken off the tax rolls, that amount will be picked up annually by all the other taxpayers in the community in perpetuity.
2. Has there been any discussion or documents presented as to the estimated continuing annual revenues and operating expenses to run this facility? Who developed these projections (if any) for a facility that has been closed for 4 years? What are their qualifications for developing future financial projections for a failed operation that was shuttered four years ago?
3. How much money was Northwestern losing annually when they decided to completely abandon this facility?
4. What are the capital expenditures required upfront to rehab the facility in order to get it into condition necessary to open to the public?
5. Where does the cash come from in order to purchase and rehab the facility? Existing fund balance or debt issuance?
6. If existing funds are used in purchasing this facility, what City CapEx programs do not get funded?
7. If debt is issued, what are the estimated terms of the debt? Interest rate? Length of the bonds? Annual debt service repayment schedule?
8. If debt is issued, what are the sources of revenue to make the ongoing debt service payments? Where do the debt service payments come from if the facility operates at a net loss?
9. How bad will financial losses have to be in the future before the City will decide they have to cut their losses and shut down the facility just like Northwestern did?
