Phoenix LXVI: Get Your Kicks On Thread LXVI
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12-15-2012, 06:40 PM
Join Date: Oct 2010
Location: Greg's River Heights
Something for Glendale taxpayers to look forward to...
From the article:
Then there’s Paul Brown Stadium, both the newish home of the Cincinnati Bengals and quite possibly the single greatest boondoggle in the history of public-stadium financing. Completed in 2000, the building was supposed to cost $280 million. The Bengals estimate that it cost $350 million. Hamilton County, which assumed more than $1 billion in debt to pay for the stadium, puts the price at $454 million. Long, on the other hand, estimated in the Wall Street Journal that the actual cost to the public was roughly $555 million, once parking garages and other expenses were factored in. Moreover, local residents are on the hook for Paul Brown Stadium’s security costs, as well as most current and future operating and capital improvement expenses -- including, and this is not a misprint, a potential future “holographic replay machine.” Perhaps unsurprisingly, a voter-approved stadium-subsidizing Hamilton County half-percent sales tax increase remains in effect, while once-promised additional public school funding and a property tax cut do not.
Oh, and the Wall Street Journal also reported that Hamilton County’s annual stadium debt payment two years ago was $34.6 million -- nearly 17 percent of the county’s total budget, and a big reason local lawmakers had to slash spending on schools, police and a program that helped troubled adolescents.
So Glendale residents, enjoy the hockey team. I'm sure cutbacks in education, police and other social programs will make this deal more than worthwhile what with all the high-paying jobs it will create.
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