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In light of our city's wishes to be the next big losers on that long gray line of failed taxpayer-funded stadiums, here are some very real and very serious stories and research about real-life scenarios out there concerning taxpayers who wish they didn't have the enormous responsibility and liability of buying failed stadiums.
Please read and pass this on to your neighbors in and around Wilmington:
http://www.fieldofschemes.com/news/archives/mls/portland_timbers/
http://www.suntimes.com/sports/baseball/cubs/9599955-573/cubs-minor-league-peoria-team-losing-major-money.html
http://www2.timesdispatch.com/news/oped/2011/nov/13/tdopin02-how-harrisburg-borrowed-itself-into-bankr-ar-1453606/
Even a very leftist magazine appropriately entitled The Progressive comes down hard on this issue: http://www.progressive.org/mag/zirin1208.html
Previously posted, but needs a second read: http://www.stadiummouse.com/stadium/economic.html
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I am a recent transplant to North Carolina from Indianapolis. Before the Colts, Fever, Ice, Pacers, and the Indy 500 Speedway, there was established in 1902 the Indianapolis Indians. For 65 years the team played in a privately owned stadium on 16th Street, named Bush Stadium. In 1996, Marion County, through its Capital Improvement Board (CIB), committed to a public-private partnership for the financing and building of Victory Field, a 15,000 person seating capacity stadium at a cost of $18 million. Follow this link to the sub-lease agreement between the CIB and the Team. http://capitalimprovementboard.org/agreements/INDIANS_Sublease%20Agmt.pdf
ReplyDeleteVictory Field opened in 1996, attendance to the Indians’ games nearly doubled, and Victory Field was the catalyst for a revitalization of downtown Indianapolis. The downtown area realized over $3 billion in public and private capital investment in the decade following construction and opening of Victory Field. The ballpark is also home to the annual City, County, and High School Baseball State Championships.
Is the Wilmington Baseball Stadium a good investment….yes, if he costs and financing are managed correctly. That being said, I have serious concerns about the construction estimates of $35 to $40 million, which in my opinion make this a very questionable venture.
A baseball stadium led to the revitalization of downtown Indianapolis? Have you ever heard of Mayor Stephen Goldsmith?!
ReplyDeleteYes wise-acre, I lived in Indy during Mayor Goldsmith's administration. He was a great visionary and had a great team. My point was that Victory Field, as part of the White River State Park, began the revitalization efforts, due in large part to its location in the downtown area and next to the convention center. I believe that Wilmington can take a page from Indy's success.
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