Quote:
Originally Posted by Cappy
The commercial development was either there to begin with or developed using a massive investment in the development itself. Katz is spending 200 million for this alone in the ICE district. Studies, however, reveal that this is a myth, or at least woefully over-optimistic:
http://www.fieldofschemes.com/2014/1...-not-included/
OR
http://www.brookings.edu/research/ar...mer-taxes-noll
I am at work and would rather not spend the rest of my day looking for published reports on the issue (suffice it to say both books mentioned above are very well researched and cited)
I don't want everyone to assume that my staunch opposition has anything to do with the benefits, presumed or perceived, that a new stadium will bring. I definitely want a new stadium with a "happening" area around it. However, I am not willing to sit here and be told that the city paying over 2/3 of the cost is reasonable. It simply isn't, now matter how hard you try to justify it.
The consequences of public funding of stadiums has been well publicized over the past decade and backed by intense research. The arguments KK brought today have pretty much been roundly debunked.
There are many ways to skin a cat, and there are better ways than KK offered today.
fortunately for you all, I will not be commenting on this matter anymore as it appears we are headed to yet another misguided and short-sighted stadium deal.
For those backers, please read Field of Schemes. Because all of your arguments today just reveal how much more information the public needs before making such a decision. |
Sorry if I'm misunderstanding your argument but I believe that your entire premise is based on incorrect facts. Correct me if I'm wrong.
The city is funding around 1/4 of the cost, which is the fieldhouse, which they've said is a huge priority already and have been trying to build one for 30 years. They're going to spend that money building it somewhere else anyways. They've been trying to find the money already.
The Flames are funding 1/4.
1/4 is coming from a "usage tax" ie. ticket tax. This can either be fronted by the city with interest or financed conventionally by the Flames.
1/4 is coming from a commercial tax from the west village development. These are tax dollars that won't exist if we simply let the site sit there, as it has been for the past number of decades. Financed same way as above - these are pretty common deals.
The city will continue to own the land and the building and will get a slice of the operating profits. West Village gets developed as a beautiful new area of the city. You heard them talking about how successful East Village has been right? They want to develop this area. They need a private partner and haven't been able to find one until now.
The one issue that really stands out is the creosote, which is currently a provincial issue. Need to figure that out.
You really seem to be advertising that you know your stuff, with your Field of Schemes and all, so I'm probably misinterpreting what in the hell you're talking about.