Monday, November 12, 2012

Golden State Warriors' New San Francisco Arena Could Make Millions for City

Estimates that San Francisco city coffers would receive almost $54 million in one-time revenue and up to $19 million a year from a new waterfront arena that the Golden State Warriors want to build are "reasonable" projections, according to an analysis released Friday.

But that money is based on having events at the multiuse arena more than half of the year, a frequency opposed by some nearby residents concerned about traffic, cleanup and crowds spilling into their neighborhood.

"Besides the actual programs themselves, there's also the staging, which means even more days," said Barbara Inaba, a neighbor. "I don't know how all of these people are going to get into this arena."

Reimbursing the Warriors for $120 million in construction costs to rebuild Piers 30-32 for the $1 billion arena project would also slice the ongoing revenue the city would see to about $14 million a year, plus there would be a 13 percent interest rate on construction costs not initially reimbursed, according to the new report by Board of Supervisors Budget and Legislative Analyst Harvey Rose.

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