And how does the term sheet come up with that calculation that parking revenues will rise enough to leave $3 million in extra cash after paying off the bonds? (Actually $3.6 million, because another $625,000 is supposed to be provided by city parking revenues from [arena] events, which is just another category of the same thing.) Here is the entirety of the city parking revenues explanation in the term sheet:
The Public Parking Finance Model will be structured in such a way to provide $3 million annually to backfill the Citys portion of the General Fund revenue.
And thats it. No charts of future parking revenues, no citations of how the revenue figures were arrived at (beyond that these are considered conservative assumptions), no explanation for how the arena project would result in a cornucopia of parking money even after razing 1,000 existing city parking spaces to make way for the arena and giving another 2,700 to the Kings for free. Just dont worry, the money will be there and if it isnt, its back to the hotel tax, a pool of money that has been bouncing around between $10 million and $20 million a year, and which currently goes to fund general city services.
