Another option would be for the state to handle this the old-fashioned way — that is, by redeveloping the site itself without any private partners of any of the residential, commercial and retail elements that are now part of the proposal. DLS analysts note a 2009 estimate that doing so would cost the state $215 million, but the figure five years later would doubtless be higher. One of the DLS concerns about the existing plan would be whether the annual rent payment, estimated at about $18.5 million, would be counted as an operating expense or as capital debt. If the latter, analysts warned, it could cause the state to violate its self-imposed rule to limit annual debt service payments to less than 8 percent of state revenues. That is potentially a real problem, though floating the bonds necessary to finance a construction project of this magnitude could be as well.