The investors seeking an MLB franchise for Portland, Oregon say they won’t seek additional public subsidies beyond a $150 million kickback of team income taxes that was already approved, and now they’ve offered to pay market value, kind of, for a school headquarters building that they want to make the site of a new stadium:
The Multnomah County assessor’s office estimates the school district headquarters has a market value of $105 million…
Trammell Crow, acting on behalf of the baseball group, said it would pay the school district at least $80 million — and even more if an appraisal finds its market value to be higher than $80 million.
That’s not bad! Though the school district may not want to sell even at that price, since right now its headquarters is centrally located, and the baseball group is offering to move it to a site way on the eastern edge of the city.
At least this rules out (for now) a major land subsidy as has become common among team owners promising “no public funds for construction.” The bigger question remains that $150 million state kickback of income taxes paid by team employees, which 1) was only projected to raise about half that much money when it was first proposed 15 years ago, though average MLB salaries have almost doubled since then; and 2) wouldn’t actually be all new money, as some of it would be drawn from income earned on spending that would otherwise go to other local entertainment options in the absence of a baseball team. (Some of it would be drawn from income on things like national TV rights, which would indeed be gravy.)
Still, that’s not a terrible deal for the public, all things considered. Assuming all things are being considered, anyway — Portland Diamond Project hasn’t revealed how much it would spend on a stadium, how it would pay for it, where it would get a team, or even who its owners are, though it’s been revealed that former Nike VP Craig Cheek is one of them. Score this one for now as “reply hazy, ask again later.”