The State officials were counting on the credibility of the funding source.
That funding source is no longer interested in the project.
Coming up with the $21 million, Dolan can do all by himself. The $21 million to match... he may have to stretch for. But the $250 million to even come close to complete the now downsized project... that avenue is closed.
All the other lenders are not charity funds... they are going to want to see sizeable returns in line with the risks associated with such a large project.
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