Here's something you might be interested in.
The New York Times has an excellent story this morning (Christmas Day, Dec. 25) on how more and more cities are getting into deep trouble because of ridiculous deals on subsidized stadiums given sports team owners. The piece focuses mainly on Cincinnati, but also notes that Indianapolis, which built a new home for the Colts, is hurting, as is Milwaukee, which subsidized the Brewers. Other cities are hurting, too. San Diego isn't mentioned, although Petco Park is a drain of more than $20 million annually, and the idea being floated for a downtown football stadium is so preposterous that it could potentially break both the city and county.
One focus of the Times story is that the costs of stadiums are generally underestimated -- greatly. Several years ago, the Cincinnati Bengals and Reds said they would build two stadiums for a total of $500 million. But the football stadium alone cost $455 million and the baseball park $337 million. Sales tax receipts have plunged; there is a big deficit. Public schools, "which have deferred taking their share for years, want their money," says the Times. The teams have incredibly generous leases but won't volunteer to rewrite them as the city's finances crumble.
Says a local politician, "It's like the movie where the blob keeps growing and eating away at other elements of county government. We're beginning to cross a line in the sand by taking money from the general fund to pay for the stadiums. Once you put that money in jeopardy, you put the whole county at risk."
The New York Times has an excellent story this morning (Christmas Day, Dec. 25) on how more and more cities are getting into deep trouble because of ridiculous deals on subsidized stadiums given sports team owners. The piece focuses mainly on Cincinnati, but also notes that Indianapolis, which built a new home for the Colts, is hurting, as is Milwaukee, which subsidized the Brewers. Other cities are hurting, too. San Diego isn't mentioned, although Petco Park is a drain of more than $20 million annually, and the idea being floated for a downtown football stadium is so preposterous that it could potentially break both the city and county.
One focus of the Times story is that the costs of stadiums are generally underestimated -- greatly. Several years ago, the Cincinnati Bengals and Reds said they would build two stadiums for a total of $500 million. But the football stadium alone cost $455 million and the baseball park $337 million. Sales tax receipts have plunged; there is a big deficit. Public schools, "which have deferred taking their share for years, want their money," says the Times. The teams have incredibly generous leases but won't volunteer to rewrite them as the city's finances crumble.
Says a local politician, "It's like the movie where the blob keeps growing and eating away at other elements of county government. We're beginning to cross a line in the sand by taking money from the general fund to pay for the stadiums. Once you put that money in jeopardy, you put the whole county at risk."