This is an archived version of a Field of Schemes article. Comments on this page are closed. To find the current version of the article with updated comments, click here.
February 15, 2012
SF mayor: Warriors arena should use "private investments"
San Francisco Mayor Ed Lee said yesterday that he still wants to build an arena for the Golden State Warriors, but that it should be funded with private money:
"It's their private investments that have to be laid out there," Lee said of the Warriors. "I'm hopeful sports teams will look at San Francisco, and not just for their sports. ... The venue has to be successful well beyond those games."
That's certainly promising, but also far from a commitment not to use any public money, especially given how mayors have been known to bend the definition of "private investments." (Pay off your construction bonds instead of paying taxes? Sure!) Lee added, "Details to follow," so stay tuned.
Considering ATT park was mostly built with private money I'm pretty sure Ed Lee is right here. No way anything gets built in SF with public money.
Posted by linusalf on February 15, 2012 02:29 PM
I believe that an arena in SF would be at least 3/4 privately funded, and if that's the case, because of SF's healthy tax base and the number of corporations based there, it would pass a public vote.
But SF voters need to insist early and often on a public vote, even if it's only 1/4 financed by the public.
Posted by MikeM on February 15, 2012 05:03 PM
I'd be more inclined to support a sports arena, if its a joint venture involving the Giants and Warriors, as opposed to any public funding for an NFL stadium. An arena will get more use and costs less to build. It will stimulate additional development in an area which is already experiencing growth.
Posted by sanfranciscowarriors on February 15, 2012 07:14 PM