All of this at a cost of $30M...and would be "paid for by the San Jose Sharks." The mayor mentioned that she was "pleased" that taxpayers were being asked to spend "next to no cost" for this project. The mayor wrote a letter to the Gilroy Dispatch to again state that this project would "be paid for and operated by Sharks Sports & Entertainment."
Just last year, the FCCFA spent $13.1 million in taxpayer money on arena projects such as a roof replacement, a cooling tower installation, a fire alarm system replacement and more. Yet if we come back to today, the FCCFA executive directory admits that recently released plans are “still being worked out” in negotiations that have involved the “team, its private partners and city, Franklin County and state officials”...just not the public. When asked by WOSU about…
The Anaheim Angels need to be held to the same standard as sports teams holding their cities when the government handles the facility. However, it shouldn't come as much of a surprise to see some local leaders appearing to give the team ways out of their lease agreement. Others suggest the ballpark is, in fact, a first-class ballpark right now. One City Councilman told a local media outlet that the lease agreement to him seemed…
All the economic activity promises made by the Minnesota Vikings, when they were negotiating for a new stadium, have been completely incorrect. The mayor of Minneapolis made a public spectacle of how the Vikings new stadium had "encouraged Wells Fargo to relocate 5,000 jobs" near the venue. The relocation of these employees preceded the announcement of the new stadium deal. Therefore, no new jobs were being created from the creation of this new stadium. The Governor…
A few months into 2023, the Ilitch family decided that they had no gotten enough taxpayer money out of the city and state. So the city of Detroit gave them “significant savings on property taxes for the next 30 years”. You may be wondering why the city is giving them a tax break? Well, these tax savings, according to the city, will “be used to fund the development of the District Detroit project”. Excuse me?…
In Utah, the Smith Entertainment Group owns the local NBA and NHL teams. In order for this group to get almost a billion dollars from taxpayers to pay for upgrades to the current arena, the Group pledged to pay $3B dollars of their own money on upgrading the arena and renovations outside the venue. Only problem? Nobody knows any details about this pledge to pay $3B dollars. Can he walk away from this? Is it…
Several weeks ago, the Carolina Panthers were given $650 million by the city of Charlotte to renovate their current NFL stadium. Nevermind that the Panthers owner has a less-than-perfect history of following through on commitments (then refuses to talk about it publicly). Nevermind that he is one of the richest men in the entire world. Maybe one of the worst owners too, but that is for another time. Anyway, since the deal was approved several…
The new developer, Vernon Krause, talked to the Forsyth County Commission and had public engagement listening sessions. One commissioner called this project an “economic driver like no other...(that) will create a halo effect that will raise the County’s visibility”. Forsyth’s local leaders were on board with this plan. They even visited NHL headquarters recently. To show their commitment, the country voted to give $350 million to the arena and $40 million for a new parking…
Back in 2014, the city of Detroit was debating what to do with their old arena that the Detroit Red Wings played in. On one hand, they could do nothing and let the Red Wings figure out what to do on their own. On the other hand, they could give the Red Wings owners, the Ilitch Family, hundreds of millions of taxpayer dollars to build a new arena. When the Ilitch family initially proposed a…
Why exactly is the city of Raleigh even entertaining the team if they want more money in the near future? The team pays $0 per year in rent yet collects 100% of revenue from “concessions, gameday advertising, television rights, parking and luxury and club suites”. Moreover, keep in mind that the team already gets $4.335 million per year to “offset arena operating expenses”. Doesn't the city do that anyway?
Two months ago, it was announced that the city of Calgary and the Calgary Flames, their NHL team, had come to an agreement to build a new arena for just the low, low price of $1.22 billion. This comes after last year's failed arena deal where the Flames decided to pull out of the deal.
Last week, Crain’s Chicago Business had a good article discussing the financial issues that the city is facing with the current Bears stadium. Even though the Bears are trying to scam another city into paying for a new stadium, their current one continues to cost the city of Chicago millions of dollars. Basically, the city […]
Saskatoon announced that a proposed new arena would cost $178 million. If we apply 7% inflation to that number, then it now becomes $191 million in today's dollars. Except, we don't know whether construction costs, project costs or land acquisition were originally included in the cities estimate. If we include major capital projects into this project, the cost goes up towards $300 million.
Pittsburgh Penguins developers are demanding that a decision for a music venue must be made soon before, and let me get this straight, “international events destabilize economic calculations”. In reality, they just want the city to approve this development so that they can receive tax breaks.
In April 2021, the city of Calgary leased public land to a private company and promised to build a large parking lot near the agreed-upon new arena. All of this was done without the public knowing and was NOT INCLUDED in the new arena deal.
