WHAT FRIENDS OF THE PARKS DOESN’T WANT YOU TO KNOW
FOTP very cleverly puts forth plans for extension of parkland, which it represents as “the preferences of the local community”. But one factor is omitted: WHAT WOULD THESE PLANS COST? The simple answer: a FORTUNE!
Extension would conservatively cost at least $300,000,000 and probably much, much more. First, the construction period would take years: the current lakefront reconstruction project, a much simpler and straightforward rebuilding of the vertical facing along Lake Michigan from Montrose Harbor to Promontory Point, is now in its 10th year. During that time, construction costs have increased from $180,000,000 to well over $400,000,000.
It is reasonable to assume that due merely to price level increases, the cost would go up. But typically, in construction of this type, when there are so many unknowns, and the structures necessary to withstand constantly changing Lake Michigan conditions will be massive, prices will go up due to mere redesign.
At a base cost of $300,000,000:
• Assume it would be financed by a 20 year bond issue at 5% interest
• Annual interest and amortization would be $23,756,400
• Total payments by the taxpayers necessary to retire the bonds would be $475,128,000
After the project is completed, annual maintenance would be required. Generally, on construction projects of this type, maintenance of about 5% of construction cost is assumed, being allocated to:
• Replacement of lost fill material
• Repair and replacement of protective structures such as sea walls and stone
• Replenishment of beach fill eroded away by storm action
• Repair and replacement of concrete, paths, plantings, trees,
• Mowing of grass, garbage pickup, staffing requirements to accomplish tasks, to name only a few items
At a $300,000,000 construction cost, the annual maintenance requirement would be $15,000,000.
So, a lakefront extension would conservatively cost the taxpayers almost $40,000,000 per year for at least the next 20 years. And for what?.......
• To give a few elite activists, who don’t even live in the area, a pet project to keep them occupied
• To give a chosen few architects and engineers a source of employment and money for years to come
• To add a small increment to the already grossly underutilized park system along our lakefront.
• To keep the area in a constant state of turmoil during the years and years of construction, when these “creations” won’t even be able to be used.
Simply put, the benefits don’t even come close to matching the costs. FOTP knows this but doesn’t want you to know. They are attempting to sell you a project without giving you the necessary information to properly evaluate it. Shame on them! But it will be a shame on all of us as our tax bills are increased even more to pay for this boondoggle.