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In Assessing Chargers Options, Do Cost Comparisons
BTW, Johnston: Let me summarize the lessons of the above two postings(we wouldn't want your bias to lead you off left field) . 1. The right time to have built a stadium was pre-2006 when stadia were below $500 Mil a piece with plenty of public financing available. 2. As the last decade wore off, two significant trends started: a. Stadium costs zoomed into the $1 Bil + category b. Public financing went from 70% whereabouts to nothing (0%). As you can see whether you have realized it or not, there has been a game changer in the new stadium business. This fact coupled with the tectonic shift in the global capital markets has created a prohibitive dynamic for any new stadium construction. Regarding our lovely town San Diego it appears: 1. the team owner is reactive, not pro-active. 2. he is also a Johnny come lately, roughly about five years behind schedule. (what he is proposing today used to be fashionable in the earlier century). 3. The prevailing trend now is zero percent public financing, therefore, the team owner is wasting both his and the city's time.— May 28, 2011 2:34 p.m.
In Assessing Chargers Options, Do Cost Comparisons
Johnston: Here we go...trivia continued: Here's a rundown of how recent NFL stadiums were financed: Houston Texans (2002) Cost: $424 million Percentage of public financing: 73% The Houston City Council waived taxes on the stadium as part of a financing plan. Hotel occupancy and car rental taxes were earmarked for use by the sports authority, which also agreed to provide loans (at future taxpayer expense) to the team. A ticket tax (10%, not to exceed $2) and parking tax was also imposed. Philadelphia Eagles (2003) Cost: $474 million Percentage of public financing: 40% The stadium is owned by the city. Arizona Cardinals (2007) Cost: $455 million Percentage of public financing: 67.7% $298.5 million of the tab is provided by the Arizona Tourism and Sports Authority, s from taxes on hotel beds and rental cars. Each ticket has a $4.25 surcharge. The city of Glendale provided $9.5 million. Indianapolis Colts Cost: $720 million Percentage of public financing: 86% Marion County hotel tax increases to 9 percent from 6 percent. This is on top of the 6 percent state sales tax. Marion County car rental tax doubled to 4 percent. The county doubled its food and beverage tax, to 2 percent. Neighboring suburban counties implemented 1 percent restaurant taxes. A surcharge on tickets was increased by 1 percent. Dallas Cowboys (2009) Stadium cost: $1.2 billion Percentage of public financing: 28.6% The city of Arlington's sales tax was raised by a half-cent, the hotel occupancy tax was raised by 2 percent and a car rental tax was increased by 5 percent. The NFL contributed $150 million towards the stadium. New York Jets/New York Giants (2010) Stadium cost: $1.6 billion Percentage of public financing: 0% $300 million was provided by the NFL, under a program the league had to help teams build stadiums. The program no longer exists. The stadium will make the two franchises the most lucrative in football. Although public money was not specifically used, the New Jersey Sports and Exposition Authority is stuck with $100 million in debt on the old stadium. The stadium is built on public land.— May 28, 2011 2:04 p.m.
In Assessing Chargers Options, Do Cost Comparisons
Johnston: Since you like trivia: Here's a rundown of how recent NFL stadiums were financed: Cleveland Browns (1999) Stadium cost: $290 million Percentage of public funding: 74.7% Cleveland recently refinanced $132 million in bonds. The city owns the stadium and leases it to the Browns for $250,000. The public financing was conducted through the sale of bonds. Pittsburgh Steelers (2001) Stadium cost: $357.5 million Percentage of public funding:78.7% The stadium was funded as part of a package that also provided new facilities for the city's hockey and baseball teams. A county hotel tax contributes about 10% of the annual financing cost of construction bonds. A 5% surcharge was added to tickets, a 1% wage tax was levied on players who don't live in the city, the state provided matching funds. Denver Broncos (2001) Cost: $365 million Percentage of public financing : 68.4% A six-county sales tax of .1% that was used to build the baseball stadium for the Colorado Rockies was increased after the measure was approved by voters. Percentage of pubic finacing: 72% (continued below).....— May 28, 2011 2:02 p.m.
In Assessing Chargers Options, Do Cost Comparisons
Can you point to any deal made post 2006? Not proposals. Actual stadium deals with PUBLIC financing in place? This ought to self-answer your question.— May 28, 2011 1:52 p.m.
In Assessing Chargers Options, Do Cost Comparisons
I agree. One can say 100% private all day long, when in reality some form of overt or covert subsidy will occur. Nevertheless, this is LA and the scrutiny of public deals is at a much higher level. In the Stables arena case the public and Majestic went back and forth for many rounds. After an exhausting process which lasted for years the City Council voted for a small(relatively) subsidy of approx. $70 Mil. which for the LA scene is spending money.— May 28, 2011 11:09 a.m.
In Assessing Chargers Options, Do Cost Comparisons
Which makes the per seat cost skyrocket. Can you imagine the owner asking the public to finance part of a $23,000+ per seat stadium, while the wild west version of Jerry Jones is at $16,000+? This is unheard of; completely absurd.— May 28, 2011 10:51 a.m.
In Assessing Chargers Options, Do Cost Comparisons
Visduh: All I am saying is look at the facts. The owner has check mated himself. He has looked at every other possible location and has self-rejected all possible options. The only locations left are the Q and downtown. Downtown (for the reasons discussed) is a pie in the sky, chasing rainbow sort of thing. It's not happening. So the only option remaining is the Q. So the Q it is. Let's get the best sports architect and start talking shop. The rest is a giant waste of time.— May 28, 2011 10:47 a.m.
In Assessing Chargers Options, Do Cost Comparisons
Before the crash. In fact the deal was pre-2006, before the new NFL labor contract made financing impossible.— May 28, 2011 10:40 a.m.
In Assessing Chargers Options, Do Cost Comparisons
Don: Stagflation will be with us for at least two decades. Japan is already in the 3rd lost decade.— May 28, 2011 10:38 a.m.
In Assessing Chargers Options, Do Cost Comparisons
In case you didn't notice we had a tectonic shift in 2008 in the world markets. The times of getting financing because you could fog a mirror are over. This is like being in the 30s having fond memories of the 20s. These times are gone and are gone forever. There is a whole new world out there and does not have stadia finacing in it. Just forget about it.— May 28, 2011 5:11 a.m.