Hartford Yard Goats opening day is just two weeks away, and Hartford is finally getting ready to welcome its new Double-A baseball team, just one year late after various catastophic construction screwups, and finally getting ready to have money rolling in instead of just going out. Right? Okay, maybe not:
Financial estimates show that professional baseball is a costly investment for Hartford and initial promises of new development surrounding the $71 million stadium have failed to materialize.
Projections show Hartford is expected to operate at a net loss on the downtown north development during the first and second year the stadium is open. The city will lose about $2 million this year and $3.5 million next year.
Uhh, okay, that’s new. And worse yet, the losses aren’t limited to the first two years — those are just the only years that the city has calculated so far, meaning losses could continue indefinitely.
The reason for running at a loss is that construction costs were supposed to be paid for with tax revenue from new development around the stadium, and instead nobody’s been building nothing except for some hotel-room conversions. So this is the same $63 million (plus free land) subsidy we’ve been talking about for more than a year, only counted out one year at a time instead of as a lump sum.
At least the stadium will be open, and Hartford residents will get to drown their sorrows in quality two-levels-below-the-majors baseball without driving 15 whole minutes to New Britain like the used to. I know it’s not much, but take your silver linings where you can get them, you know?