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Message: [QUOTE="Orangepace, post: 939810, member: 322"] State bonding money is much cheaper than 20%, but nowhere near 3%... their discount rate would likely be 6% - 12% without me doing much research. Private developer would have a much higher discount rate because their cost of capital would be significantly higher. Offsetting this though would be the benefits provided to developing the commercial/retail/residential for the complex. I would actually not allocate any return required for the private investor on the stadium itself. A large scale development like this requires investment in the state/county initiatives to realize the value on the rest of the complex. Without underwriting the rest of the previous proposed idea, better off assuming the private investor would have a much higher discount rate, but much more appetite for less than 20% margins for this to make sense. [/QUOTE]