 Chicago’s Millennium Park |
Capital Funding is Debt Free!
- Up to $50 million is targeted to come from the Federal government
- Over $10 million is targeted to come from State Funding
- Over $20 million is targeted to come from Local Funding
- Between $30 to $40 million must be raised privately to complete and partially endow the park.
- The revenue generated through the commercial opportunities will help support the ongoing operational needs of the park
- The first phase of the park is estimated to cost $600,000 annually to operate.
- Operating costs will be offset through a mix of funding sources, including:
- Revenue from the restaurants and cafes in the park
- Fees from special events and festivals
- Concessions
- Tax support
- Endowments
- Fees from The Banks development
Park costs are estimated to be $2.5 million/acre. This cost is equal to or less than other comparable waterfront parks, including:
- Chicago Millennium Park = $17.6 M/acre
- Capital City Landing, Indianapolis = $3.55 M/acre
- Charleston, S.C. = $3 M/acre
- Louisville Waterfront Park = $1.4 M/acre
- Berry Friendship Park (Cincinnati)= $1.5 M/acre
- Tall Stacks / Yeatman’s Cove (Cincinnati) = $1.8 M/acre
