fresno elections 2008

Forest City’s proposed south stadium project would have a profound impact on the resurrection of downtown. I have met with Forest City officials and I am familiar with their proposed project and the overall plan for the area. The fact that Forest City, one of the largest retail developers in the country, is showing an interest in our downtown area should provide an incentive for both the private and public sectors to offer their support. Their mixed use development offers over 650 residential units including rentals and single family homes for sale. This is the missing component in downtown today. I have heard estimates of up to $99 million to cover the cost of the infrastructure improvements to make this project go forward. In a time when government revenues are declining this will be a challenge. It will be no easy sale to the taxpayers of Fresno. We have a legacy of failed projects. We cannot, however, retreat from taking future risks is there are substantial rewards. As a businessman I know that you have to make investments and there is never a certainty of the outcome. What is needed is a careful analytical study of this project and its fiscal impact on both downtown and the entire city. Ultimately, the potential return on investment must be sufficient to justify the costs and risks. We cannot borrow ourselves into a sea of debt with an uncertain revenue stream. I believe the solution will be a combination of State and Federal assistance and local bond financing to cover the anticipated costs.