When it comes right down to it, the City Council is gambling with our money and our public assets. They are betting that a large restaurant- placed on the most desirable piece of public real estate in the county- will generate enough dollars to pay for future improvements at the city’s parks. 

 While it may, indeed, succeed, there is a larger chance that it will not. Sixty percent of restaurants don’t make it past their first year and 80 percent go out of business within five years. Even if it does succeed, the return on investment is questionable.  

City taxpayers are on the hook for $5.2 million of this project. At this point, it is unknown how much of that will be directly related to the restaurant, but we do know it is a substantial amount, as we are responsible for all infrastructure.  

So, just for argument’s sake, let’s say we have to invest $2 million in infrastructure. Let’s also say the building generates $100,000 per year in revenue from leasing to a private operator.  We will only receive that revenue if the restaurant is successful. That is the gamble… and a not-so-profitable one even with success.  If we have $2 million in taxpayer funds, that means we could just invest $100,000 in our park every year for 20 years without having to put up a building and gamble on a business being successful.   

If the restaurant does not make it- and over time it is proven either the rent is too high, parking inadequate, patrons too seasonal, etc, there will be less or no leasing revenue collected. After 7 years, the building itself may become the responsibility of the taxpayers. That means maintenance, utilities, general upkeep and finding and maintaining a tenant is in the taxpayers’ hands.  

On the surface, this seems like a great deal.  We get a big, fancy building for “free.”  We get revenue from a leasing restaurateur. In reality, we are simply betting the place will be a wild success- even when the industry odds of restaurant success are only 1 in 5.  If it fails, we get no lease revenue. 

We do not wish any business venture to fail. Speculative businesses are great for investors and venture capitalists. It is a form of gambling. City Council members are neither investors nor venture capitalists- and should not be investing taxpayers money in a risky start-up.  

What can you do? Ask city council to stop gambling with your money. Also, do your research and vote on April 6. Current council members on the ballot do not deserve re-election.