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Originally Posted by Demzy84
Let’s say the billionaire builds the arena in this area where there is really no businesses/shops/real estate at the time, and thus the city is not getting any property/business taxes out of the area.
The once their building is built, businesses and condos start going up in the area because of the arena and creates a whole new cash flow for the city.
Wouldn’t it be fair for both the city and the billionaire to get together to come to a deal that in the end benefits both?
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That isn't what is happening in this scenario though and even then arenas and sports typically don't provide that much return to the city. It either doesn't drove revenue growth or just shifts spending.
https://www.stlouisfed.org/publicati...rts-facilities