Take That: July 13, 2011
IN RESPONSE TO: Cincinnati Taxpayers left Holding the Bag for Stadiums Financial Failures
“Why is it that reading this articular provokes feeling of deja vu? I must be psychic today, is this Evansville 10 years from now?†Blanger
“Be sure to remind them that at least Cincinnati gambled on an existing franchise, with an existing market. Weinzapfel’s gamble, on the other hand, involved creating an ice hockey market two to three times that of the existing market? Weinzapfel’s gamble, wasn’t spurred by a team threatening to leave, as Cincinnati. After all, to use an Otters analogy the CCO commenters seem to like…. Isn’t Weinzapfel’s gamble, a bit like trying to build a “Yankee stadium†for our Otters to play in? (And/or a Rupp for our Aces)†Eville Taxpayer
“You guys (the CCO) must be in a very optimistic mood today. Do you really think the idiots that run Evansville have done due diligence and vetting of any kind?I bet you laughed out loud when you were writing that. After reading about this in Cincinnati and following the antics of the ERC here in Evansville I am beginning to think that the north side of the Ohio River must cause brain damage.†The Donald
“If this country’s idea of economic development is watching grown men run up and down a field or court or skate around a rink as the case may be then we are in a world of hurt. The Indy Capital Improvement Board CIB was bailed out even before Lucas OIL was built and the Colts only pay a measly $250M/yr to use it. I have reviewed the financial statements of the CIB and I can almost guaranteee the CIB will be back to the state legislature in the next year or two asking and needing more money. Stop the madness.†Steve Smith
“Most of these stadium projects promise economic development for the area that never materializes. Unless overpriced parking, tickets, hot dogs and warm beer are what they think economic development is about.†Rwtrax
“Public money to sports teams is reverse redistribution of income. Why can’t the team owners build their own stadiums? For example if an NFL team has a $50 Million payroll and plays in a publicly funded stadium that has a debt payment of $10 Million, this is directly taking money from the pockets of people that work and handing it to ballplayers. The team should support their own stadiums and pay the players with what is left. This is no different than bailing out banks or oil companies.†The Donald
“They bring in $245 million +. That’s about as good as it gets for a stadium and a ballpark that have not hosted any all-star or Super Bowls, but it’s good enough to support itself. In 4 years, those stadiums have generated almost a billion dollars. If the city of Cincinnati cannot budget the tax revenue from that impact wisely to be able to afford a one time $50 million upgrade then how can you blame the stadium and ballpark?…. Unlike oil and banks, stadiums bring in tourists and revenue to a city.†RailoverAuto
“Tourists can’t get here or anywhere else without oil. As for banks, how many of them buy the sponsorship rights to these stadiums. Heck you can’t even turn on the lights, the scoreboard, or gas up the Zamboni without oil. Transportation and banking are vital to every economy in the world. Stadiums are ultimately just some place to watch grown men play ball. As for the estimates by the consultants, they were not close enough to keep Hamilton County from having to welch on its promise to the taxpayers.
Stadiums are much like politicians which is why politicians seem to love them so much. They are big and flashy. Lies have to be told up front to get them put into place. When the lies are evident, the jackasses that told the lies are long gone with a pocket full of money and the public is left holding the bag.
One thing I will say for Cincinnati. At least their leaders had the courage to take to a vote of the people.†trainwreck
