Megaproject Tax Breaks Could Cost Taxpayers Billions
While we have no idea how many future $100m+ projects would tap an Illinois megaprojects tax break, if a Bears Arlington Heights stadium could hit $2B in losses, the total cost to taxpayers from other development deals could easily end up in the billions. https://t.co/JyQvkKs52V
Rays Push for Quick MOU Before DeSantis Departs
CEO Ken Babby says the Rays now just want a nonbinding MOU to show the state that Tampa and Hillsborough are "committed to this partnership." Translation: Let's hurry and get the state part done before Ron DeSantis leaves office, then...
Rays' "Fully Taxable" Stadium Pays Its Own Bonds
Rays execs calling their mixed-use stadium district "fully taxable," it appears, is misdirection: They'll be paying some property taxes, but they'll be paying them to themselves, to pay off bonds for their own stadium. https://t.co/P8XqUu0ad1
Is $2.1 B Worth a Central Florida Crown?
There is presumably a value to being "the preeminent city in Central Florida" — assuming the presence of the Rays is how that crown is awarded — but is it worth $2.1 billion, let alone potentially billions more? https://t.co/QAu0DpoMr8
Stadium Funding Diverts $1B+ From Other Public Needs
Deciding which pocket $1B+ in tax money for a Rays stadium would come from is less important than the fact that Hillsborough County and the city of Tampa would be handing over public funds that it then wouldn't have available...
Rushed Billionaire Stadium Deals Risk Taxpayer Cost Overruns
When billions of dollars in tax money are at stake, rushing to get a sports stadium or arena deal approved just because the local billionaire is impatient is a great way to end up with unexpected costs. https://t.co/hpBA8l2cZC
Tax Cuts Could Add $1B to Bears' $2B Breaks
Stripping an amusement tax and adding in state infrastructure spending could add close to $1B more to the Bears' potential $2B in property tax breaks — plus cost local Illinois governments billions more in the future for other "megaproject" tax...
MLS Leverages Relocation Threats for Stadium Funding
Whether a move threat is realistic is almost beside the point if you just want to use it to shake down an existing host city for stadium dollars, which appears to be MLS's main goal here in leaking talk of...
Rays Push Stadium Approval Before DeSantis Exit, Owner Resists
Rays execs want a stadium signed off on before Gov. Ron DeSantis leaves office. That should give the city and county leverage to ask team owner Patrick Zalupski to lower his demands, but instead he's doubled down on asking officials...
Royals Stadium to Receive over $1.4 Billion in Public Funds
The Royals stadium is set to get $600m in city tax money, "at least $350m" and maybe more from the state, and between $428m and $873m in property tax breaks, for starters. Let's call it "at least $1.4 billion," though...
Bears' $2B PILOT Savings Undermine True Tax Relief
The Bears would still save ~$2B via discounted PILOT payments — and if even that money is diverted for "tax relief," then either schools will lose money or property taxes elsewhere will have to rise to compensate, kind of defeating the...
Jerry Jones Gets $18.2M Yearly Stadium Subsidy Bargain
Cowboys owner Jerry Jones' per-year lease subsidy falls well short of a record, but paying the owner of the NFL's most valuable team $18.2m/year to keep playing in what remains the gold standard for stadium design can't be seen as...
Sherman's Costs: One‑Third Public, $1‑1.5 B Estimated
More Sherman: 2/3 private cost, 1/3 public, so that would make the total public cost either $1B or $1.5B depending on whether $3B is the total cost or just the private cost. And, of course, this is before any land...
Royals' Stadium Site: Lease, Tax, or Purchase Debate
Would the Royals lease a Crown Center stadium site and it would pay property tax? Or would the Royals or a government body buy the land, and if so who pays for it? And what of John Sherman's desire for...
Stadium Bonds Cost Double the Tax Revenue Generated
At a 4% interest rate, Missouri's $900m in stadium bonds would cost ~$50m a year to pay off, while bringing in only whatever slice of $28m/year in state, county, and city taxes attributed to the Royals actually goes to the...