I am curious as to why parking agreements were included when the Sports district was split out. It seems much of the agreed-upon parking will need to be renegotiated if and when the entertainment district happens. This is probably more appropriate in the Stadium thread, but with the interconnectedness of all these plans, it's hard to imagine it won't directly impact Met Park.
Because he can get a much more lucrative deal, now that our hands are tied behind our backs.
Here's how it'll go:
Khan will execute the ROFO parcel credit, when the parcel is appraised well under $25M (in 2025)... Then, he will roll that $25M credit into Lot J, or another adjacent parcel. (
In fact, Lot J would be interesting. The city would lose another 1,309 spots from him doing that, which he has the right to do.) Then, he will use DIA incentives, with a sprinkle of completion grants thrown in the mix, to have the taxpayer (basically) fully fund his parking garage & the auxiliary "Sports District."
Then, Khan will be agreeable to amending the parking & district agreement. In which, he will let the city utilize his parking garage(s) for all Everbank/Daily Place events, but only if StadCo keeps 100% of the revenue for all events (team & city). The DIA's ROI calc will be under 1.1x for the incentives, but the City will be literally forced to do this deal, because of: their prior obligations made under the original deal, the MOSH agreement, and the amount of funding allocated to the parks along Bay St. (MOSH & Shipyards West are also starting in 2025, what a coincidence.)
This is a great deal for Khan, because that parcel next to the Shipyards & Lot J, are two of the best parcels for parking at the Stadium or Daily's Place. They will be able to charge premium rates (secured & covered) & make an absolute killing from it, all at the taxpayers expense.
The "city" feels happy because they will get: two new parks, a small sports district, MOSH & the 4S. All the while, 40+ acres of land will sit empty for 30 years.
Very calculated by Khan & impressive of him to negotiate from a real estate angle. This is business to him after all.
I'll go back to stadium thread if the conversation continues.