More stadium news this week from Knoxville and Chattanooga and Nashville, which has had this song stuck in my head all morning. That’s preferable to this one or certainly this one, though, so no complaints.
- The Chattanooga city council signed off on $80 million in bonds for a new Lookouts minor-league stadium on Tuesday, notwithstanding that economists and even some local political leaders had said it was a terrible idea and 60% of local residents opposed it. The cost will be paid off by $49.8 million in property taxes kicked back from 470 acres around the stadium site, $17.5 million in lease payments from the team, $5 million in kicked-back sales taxes and $3 million in parking fees — assuming all that money comes in as projected, or else Chattanooga taxpayers will be left holding the bag. Also, reports The Center Square, “the property for the stadium, estimated in the announcement to be worth $10 million, will be donated to the stadium authority as part of the deal,” which sounds good until you realize that the stadium authority will now be the proud owners of land it can’t use for anything because it has a private baseball team’s stadium sitting on top of it, and also can’t collect property taxes on it now because it’ll be public property. At least Chattanoogans don’t have to worry about their baseball team moving for 30 years, at least, unless there’s an opt-out clause hidden somewhere in that lease, sorry for being the voice of doom this morning, but it’s why you pay me the big bucks.
- Construction also started this week on the Tennessee Smokies‘ new $74.5 million stadium in Knoxville, which is likewise getting almost entirely funded by the public. (That whole “threaten to contract teams in order to extort stadium money” thing really is working out great for MLB!) WVLT’s news story on this includes the tidbit: “Both mayors Indya Kincannon and Glenn Jacobs approve the expanded TIF District. They said it’s because of the overall revenue the stadium is expected to bring to the area which is totaled at $480 over 30 years.” Typo or truth in advertising, you make the call!
- Completing our Tennessee trifecta, here’s a Tennessean article answering “the top five questions” about the new Titans stadium subsidy plan, conducted entirely by quoting the team’s CEO. Oh, does the Tennessean want you to pay them first before you can read the team’s PR statements? Just go read Nashville councilmember Bob Mendes’ rewrites, then, they’re better anyway.
- Thanks to a clause in the 1998 voter initiative that approved public funding of the Denver Broncos‘ stadium, local governments will be getting a share of the proceeds of the team’s $4.65 billion sale to Walmart heir Rob Walton. The original deal guaranteed a 2% cut of any franchise sale would go to seven Denver-area counties and cities and towns within them; former owners the Bowlen Trust got to subtract $247 million in team debt and $2.4 billion in capital contributions over the years, so the public is left with just a $41 million check. Still, good work by the 1998 government negotiators to get $41 million back on a $289 million public expense just 24 years later, which represents a return on investment of … okay, negative 85.81%, but it is better than nothing, which is what most government negotiators negotiate for, so half a gold star, anyway.
- Does anybody anywhere even care that the Cincinnati Bengals‘ stadium is now going to be named after some payroll management company? Or that the local phone company has bought the naming rights to a stadium gate? That the Bengals now have a sponsorship deal to have an official canned cocktail? All of these were news articles, for some reason, which also for some reason failed to mention that the county taxpayers who paid for the stadium’s construction won’t see any of the proceeds from all these deals, though one did suggest that they might help fund $500 million in renovations the owners want — history doesn’t actually show that owners having more money makes them more likely to pay for their own stadium costs, but one can dream.
- Hagerstown, Maryland, is spending $70 million in state money to build a new Hagerstown Suns minor-league baseball stadium, and it will have to spend millions of dollars on land acquisition first. Is that part of the $70 million, or on top of it? Baltimore Sun, anyone there find that out and feel like putting in the article? No? Just an 18-year-old photo of Willie Mays for some reason? Season 5 of The Wire was too kind, in retrospect.