A initial vote on funding for a new Ramapo Can-Am Association ballpark has been put off, as councilors are hesitant in approving millions in spending before a fall referendum.
The first round of funding, $5.8 million, would buy the land and prepare the land for the ballpark. It’s billed as a bond anticipatory note, to be repaid if voters approve up to $16.5 million in bonding this fall. The concern: the city will need to find another way to repay the $5.8 million if the bond referendum fails.
Public financing of the ballpark is proving to be a big issue in the New York city; we’ve heard a lot from parties on both sides of the issue and given access to all sorts of documents, including the MOU between the Can-Am group and the city, as well as the full market analysis of the project. We hope to sit down and review all the documents sometime today and add our comments to the mix. In the past we were skeptical about the funding plan and the ability of ballpark revenues to cover debt service; we’ll see if that opinion changes when presented with more data.
RELATED STORIES: Consultant: New Ramapo ballpark has good chance of turning profit; Ownership emerges for Ramapo Can-Am team; Citizens seek public vote on new Ramapo ballpark; Miles Wolff: Can-Am Association eager for Ramapo team; New ballpark pitched in Ramapo for Can-Am team
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