The Tampa Bay Buccaneers have had their request for $1 million a year in state subsidies for their stadium renovations on top of $29 million in city subsidies rejected by the Florida Department of Economic Opportunity. How come? They failed to fill out all the forms:
“Due to the overall timing of our stadium renovation project,” said Bucs COO Brian Ford, “certain required documents were not deliverable within the timeframe set forth by the Statute. We anticipate submitting a complete application during the next filing period.”
The Buccaneers’ 2016 application lacked documentation on how its new construction project will increase jobs and taxable sales.
We knew all that was missing when the Bucs’ owners submitted the application back in November, but they said they’d add it later. Now “later” apparently means for the 2017 round of state subsidy approvals, which given that the only difference would be getting their $1-million-a-year pipeline started a year later probably isn’t worth worrying about when you’re worth $4.7 billion.
Still in the running for state subsidies: The Jacksonville Jaguars (already getting $45 million from city), Miami Dolphins (around $75 million from city), and Daytona International Speedway (no local subsidies yet that I’m aware of). The benefit to the state of handing out this money is absolutely zero — not just because of the substitution effect or what have you, but because the Dolphins and racetrack renovations are already underway, so it’s not like they’re only going to happen if the state kicks in money. (And realistically, the Jaguars aren’t turning down their $45 million from Jacksonville, either.) This is absolutely loony, but it’s the same loony premise that the state has been pursuing for a couple of years now, so we shouldn’t be surprised or anything. Florida, man.