Well, I really didn't think we needed a soccer team...but it sounds like Paulson is paying for the all the construction, and guaranteeing income for the city for 25 years AND building soccer parks? Sounds great. Is the city out any money? Is the city taking any risk?
There is a small risk with the $11 million from the spectator facility fund, but technically even that is backed up by the personal guarantee, which I'm assuming is built into the contract. So no...there is no risk for the city.
And @ Reymont: the City is forgoing some spectator ticket taxes and future rent payments, so yes, there is definitely a public ingredient to this private-public deal, but the majority of the money and risk falls on Paulson, and none of the public portion comes from the general fund or sources that could be used for anything beyond just the spectator fund, so bottom line, if you never attend a single game you won't pay a dime for this deal.
At first glance it looks OK, but it would be naive to think the Paulsons don't have some kind of escape plan from 25 years of 'personal guarantees' if this thing tanks.
I'm glad that urban renewal and the general fund are protected. Sounds like a decent deal.
To clarify, if this is like the old proposed deal, the guarantee was to pay the rent on the facility for 25 years, NOT to guarantee contributions to the spectator fund. However, most of that will come from the Blazers, not soccer.
So when Jack Acid says "if you never attend a single game you won't pay a dime for this deal" it's not totally accurate. You could attend a Blazer game and pay towards the soccer deal.
So...did Sam's pants burst into flames the moment he sent off this memo? Or was he sitting in a swimming pool at that moment so he could say with assurance that he didn't get third-degree burns on his ass?
Texas Triffid........lol. I guess I am not the only one that recognizes that Sam Adams is a straight up liar and Merritt Paulson is notorious for broken promises. I won't dwell on Adams and am happy we have MLS but i have a bad feeling about this, as much as the Timber fans want you to believe it's smooth sailing. I am a fan too, but we ALL know why Adams got involved in this and its NOT about MLS or Portland. Just saying
There is a small risk with the $11 million from the spectator facility fund, but technically even that is backed up by the personal guarantee, which I'm assuming is built into the contract. So no...there is no risk for the city.
And @ Reymont: the City is forgoing some spectator ticket taxes and future rent payments, so yes, there is definitely a public ingredient to this private-public deal, but the majority of the money and risk falls on Paulson, and none of the public portion comes from the general fund or sources that could be used for anything beyond just the spectator fund, so bottom line, if you never attend a single game you won't pay a dime for this deal.
To clarify, if this is like the old proposed deal, the guarantee was to pay the rent on the facility for 25 years, NOT to guarantee contributions to the spectator fund. However, most of that will come from the Blazers, not soccer.
So when Jack Acid says "if you never attend a single game you won't pay a dime for this deal" it's not totally accurate. You could attend a Blazer game and pay towards the soccer deal.