My thoughts are that this will be a huge success. On any given weekend, the parking lots at the present facilities are jammed with cars full of folks spending money at the liquor stores and the vending machines.
And, even if it's only moderately successful, the onus of fiscal risk is squarely on the developer who holds a lease for 35 years and who will be held liable for honoring it in the form of lease payments to the State. (US).
This very respected and successful developer is risking a lot of cash and committment to this project's success. He certainly seems to be putting more skin in this game than the State. The State is putting $8 million for liquor stores that are outdated and inadequate and will generate a ton of $$$. Oh, and they will have to plow the snow in the winter.
I'm sure the State will have more than that vested in the project, but I think this will be a big win for all.
|