$365M State + $120M City + $88M County
ProposedFollow the public money
The public
balance sheet.
See what is proposed, what is conditional, and what remains unpriced.
The short version. The proposal describes $573 million of public renovation funding and up to $288.6 million of continuing support. A complete all-in fiscal cost remains to be established.
Two commitments. Different conditions.
$275M City + $13.6M County
Annual and receipt conditions$861.6MCombined nominal framework ceilings before financing. This is not an all-in price or a present value.
A ledger with separate categories
| Category | Amount or basis | How to read it |
|---|---|---|
| Initial renovation | State $365M + City $120M + County $88M = $573M | Proposed public portion; County source conflict and full budget remain unresolved. |
| Continuing support | City up to $275M + County up to $13.6M = $288.6M | Ceilings with annual/receipt conditions; not unconditional checks. |
| Combined ceilings | $861.6M nominal before financing | Arithmetic only. Timing, feasibility and actual expenditure are not established. |
| Rent | $3.17M initial annual amount | Proposed commencement tied to renovation/term; lesser of CPI-W or 3% escalation. |
| Tax offset | $3M initial annual amount; 5% growth | Specify start, recipients, coverage and credits. Shared money cannot be pledged in full twice. |
| Other receipts | User fees, public parking and specified Coliseum proceeds | Existing income may be restricted, net of costs, offset or pledged. Not all new return. |
| Private capital and security | No settled new cash minimum in the public framework | Guarantees are contingent protection; verify obligor, amount, draw rights and capacity. |
| Maintenance and commercial rights | Unvalued pending evidence | A claim is not cash, and a construction cost is not a revenue forecast. |
Sources: August 12 City term sheet · County Resolution 2026-050 · City CFO financing memo
Two proposed payments. Two different rules.
- Escalation
- Lesser of CPI-W or 3%
- Commencement
- Specified post-renovation start
- Escalation
- 5% annual growth
- Allocation
- Recipients, credits and coverage need reconciliation
These are not the public’s only receipts. Existing fees, parking and other income must be analyzed after costs, restrictions and offsets. Sources: the City term sheet and County resolution linked in the ledger.
What must be added before a final price
- A complete transformation budget and dated draws by source.
- Annual debt service, interest, issuance costs and the actual legal payer under stress.
- Each continuing contribution’s annual cap, receipt condition and permitted use.
- Operating expenses, reserve needs, existing pledges and cross-agreement offsets.
- New private cash, fixed rent and variable participation, each counted once.
- Nominal totals and present values with disclosed dates and discount rates.
Sources: August 12 City term sheet · City CFO financing memo
Corrections to the former balance sheet
The former modeled totals mixed categories and relied on unverified commercial assumptions. They are withdrawn as a basis for a minimum acceptable deal. The $861.6 million figure is simply the sum of stated public framework ceilings before financing; it is not a replacement “all-in” estimate. When debt service includes principal, do not add that principal again to investment cost.
Likewise, rent and the tax offset are not “everything the public gets back.” Existing user fees, parking and other receipts require a net, restricted-versus-unrestricted analysis. Count opportunity cost explicitly rather than treating old public revenue recycled into the building as a new private contribution.
How these numbers fit together
$573MProposed public renovation portion: State $365M, City $120M, County $88M. The adopted negotiating documents still need a reconciled funding plan and complete project budget. Proposal verified
Up to $288.6MContinuing contribution ceilings: City $275M plus County $13.6M. Annual limits and actual-receipt conditions matter; these are not unconditional cash commitments. Proposal verified
$861.6M$573M + $288.6M: combined nominal framework ceilings before financing costs. This is neither a present value nor a binding all-in expenditure. Do not add repayment of the same borrowed principal twice. Calculated
$3.17M + $3MProposed initial annual rent and tax-offset payment. Rent begins at the specified post-renovation commencement and escalates by the lesser of CPI-W or 3%; the tax offset grows 5%. Start dates, recipients and credits still matter. These are not the public’s only receipts. Proposal verified
UnvaluedThe maintenance claim, new commercial rights and operating alternatives require legal, engineering and financial valuation. A lifecycle cost estimate is not a damages award; gross venue revenue is not profit.
Verified describes what a source says, not that a proposed obligation is signed or funded. The reconciled ledger and sources →