Wednesday, January 15, 2003

ULI Briefing Book Appendix B: Projected Cash Flow Analysis

In 2003, the Urban Land Institute (ULI) released the final report of their study of the RDC's plans for the Memphis Riverfront. Their study was based on briefings and materials provided by the RDC, much of which was prepared by other RDC-paid consultants. The "ULI Briefing Book" refers to a looseleaf binder containing hardcopy of the presentations and other documents given to the ULI for their study.

One of those documents, inserted as "Appendix B" in the binder, was a cash flow forecast for the Riverfront project, including the land bridge, lake, and Mud Island development, but not including the fruits of the Promenade Land Use Plan still under development.

A copy of that Appendix, scanned into a PDF file, can be downloaded by clicking here. [Warning to dial-up users: The file is well over 3 MB.] The spreadsheets are dated January 15, 2003.

Here are some highlights, taken from page 13 of the Appendix (page 14 in the PDF):
  • The projections assumed that the City of Memphis would contribute $200 million toward the capital cost of the project.
  • The projections assumed the rest of the $340 million capital cost would be financed by the issuance of bonds.
  • It was calculated that the RDC (on an operating basis) would go into the red by another $131 million before it went cash flow positive in the 21st year. "Public revenues" would apparently be needed to cover the shortfall.
  • The unpaid bond debt would still be over $116 million in year 30.
That was Scenario A. Scenario B was based on more pessimistic assumptions.

Click to enlarge

Wednesday, January 08, 2003

RDC Board Meetings - 2003

Here are the RDC Board of Directors meeting minutes for the entire year 2003, scanned into a single PDF file.

Click here to download the PDF file [1.7 MB]

Tuesday, January 07, 2003

RDC Executive Committee - 2003

Here are the RDC Executive Committee minutes for the entire year 2003, scanned into a single PDF file.

Click here to download the PDF file [1.7 MB]

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