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Tracy Yellen is Chair of the Downtown Deck Plaza Foundation and today told the Commissioners court what we read on the Elevate the Debt webpage: that the Debt Plaza “will generate nearly $1 billion in total economic output over 30 years.”
Oh really?
How much would $412 million be worth if it were placed in a money market savings account for 30 years at 5% interest?
The answer is $1.78 billion.
Thus, at current interest rates, $412 million would lose $780 million in interest by being invested in a concrete slab over a freeway rather than deposited in a money market bank account.
Aren’t you glad the Downtown Debt Plaza Foundation is not your investment advisor?
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