The Las Vegas Review-Journal went after these teachers for their political action committee. According to the newspaper, the teachers are simply “blinded by its misguided opposition”. I was interested to see what the newspaper would say as to why the teachers were wrong. Instead, the Las Vegas Review-Journal uses the same arguments that have been disproven numerous times.
The idea that this Philadelphia 76ers deal can be looked at as privately funded is crazy. Nobody can say whether this project is actually privately funded until all the details of the project are released by the team. We don't know who is paying for the land where the new arena would sit. Furthermore, the 76ers still intend to demand a “tax increment financing deal” that would cut their property tax rates and allow them to take taxpayer money to fund the construction.
Several weeks ago, the current mayor of Oklahoma City (OKC) stated that an agreement for a new arena with the Oklahoma City Thunder should be finished “before the end of 2023”. He also called the current Arena “not what it used to be…the building itself is a growing liability”.
In September of last year, the San Antonio Spurs General Manager and City Manager met to discuss improvements to the city-owned Alamodome, where the Spurs play home games. We know this because the San Antonio Express-News has text messages showing the GM asking to meet the city official to discuss "facility infrastructure".
Did we mention that San Diego, the city who did win the expansion team, paid a $500 million expansion fee? That is three times what their proposed stadium was supposed to cost. Yikes. The mayor also seems to enjoy telling the public how much he is doing behind the scenes. He can't just tell us because...he can't. He told the Sacramento Bee that when it comes to whether Sacramento will get an MLS team, the mayor wishes that he “could tell you and the public everything, but I can't”. What about possibly getting an MLB team? The A's? He can't tell us this either but know that he talked “with people who are very involved in these questions”.
Sacramento's debt manager recently announced that at the end of 2024, a city assessment will need to be done to figure out how the city will pay off the arena's bond debt. The city may be forced to dip into their general fund to pay off the bonds that are due. Similar to what the city had to do in 2021-2022 when arena revenues were again down to a point where the revenues did not pay off the yearly bond payment.
Cleveland. For the love of all that is holy and important. Stop agreeing to pay for all capital repairs for your sports teams. It is costing you SO MUCH MONEY. Your city already has so many financial issues to worry about. Will your local banks go bankrupt? Will your local health centers continue to lose… Continue reading Why on earth did Cleveland agree to fund repairs for the Cavaliers arena?
The Spurs not only demanded roughly $164 million to upgrade their arena, they claimed that without this money, they wouldn't be able to “pay the player salaries”. The team even had a way of funding their next arena. Just extend the venue tax that helped fund the construction of the arena.
How could this happen? Because the 76ers were not required to hire Camden residents for the practice facility. This happens across the country. This site has written about instances where a sports team promises but does not deliver on hiring local workers. Why didn't the city mandate this before giving out the taxpayer money? Because New Jersey’s Economic Development Authority did not require a community benefit agreement for the Camden project. Just looking into this deal is mind-boggling. For example, the deal required the creation of 250 jobs at the site, not including construction. So far, so good.
The city assessed the property value where the arena was built along with surrounding developments at $1.7 billion for tax purposes. The Warriors are asking the city to lower that assessment by just a little.....a billion dollars, that is. The Warriors believe the property value is at $706 million for 2022, which is $1 billion less than the city's value and would save the team over $11 million in property taxes for 2022.