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Stadium Deals Newsbeat

Monday, August 03, 2015

Edward Fitzpatrick: With opposition on right and left, will Providence ballpark be out at home?

Larry Lucchino’s new project is trying to screw over the taxpayers in Rhode Island.  His biggest cheerleader is House speaker, Nicholas A. Mattiello. Mattiello is trying to paint the opposition as extremists. Although some of them might be, all it takes is a little knowledge about how these deals work to oppose any deal which transfers taxpayer money into the pockets of owners, who are already making a ton of money.

“The extreme right and the extreme left are opposed to this,” Mattiello said in an interview. “It makes sense that both extremes are against something that is moderate and thoughtful and designed to create economic growth and activity.” But, he said, “Most Rhode Islanders are moderate and thoughtful.”
...
As we go forward, I’ve got two words for you to pay attention to: “revenue neutral.” I suspect we’ll hear a lot of discussion about how to define that neutrality.

“It depends on the factors you take into account,” Mattiello said. “The way I’m looking at it now is what the direct impact on taxpayers is going to be and what revenues come in and out. That is direct activity generated by the ballpark — not the multipliers, the indirect activity created by more people in Providence.”

Would the revenue-neutrality calculation include the value of a 30-year property tax break? Mattiello said he considers property tax “irrelevant because it was going to be a park. It was never going to be a tax-generating property. In fact, it would be saving money because they don’t have to maintain the park.”


Wednesday, July 29, 2015

PawSox intensify pitch for Providence stadium

When do they start passing around stacks of money to Rhode Island’s elected officials? Historically it’s the most effective way to screw over taxpayers, especially in that state.

The Pawtucket Red Sox have invited business, government, media and real-estate developers to travel with managing partner Larry Lucchino to Durham, North Carolina, on Aug. 5, to meet elected and business leaders there, including the owner of the Durham Bulls Triple-A baseball team, and to attend a Durham Bulls game.

E-mailed invitations from Carol Krushnowski, who was the late principal owner James J. Skeffington’s assistant at the Providence law firm Locke Lord, invite recipients to “see the transformative effect a downtown Triple A ballpark can have on a community.”

Jim Furtado Posted: July 29, 2015 at 11:16 AM | 4 comment(s)
  Beats: stadium deals, stadium financing

Monday, July 13, 2015

Last Week Tonight with John Oliver: Stadiums (HBO) - YouTube

Maybe this will help wake people up.

Jim Furtado Posted: July 13, 2015 at 11:05 AM | 129 comment(s)
  Beats: stadium deals, stadium financing

Thursday, April 16, 2015

PawSox want $4M a year from RI for Prov. stadium | wpri.com

Help recoup the cost? This is a bad deal for Providence and Rhode Island.

Skeffington said the new owners would put up the $85 million required to design and build the ballpark, but would seek state and city subsidies after it’s finished to help recoup the cost. They also want a 30-year lease on the land – at $1 a year – from the I-195 Redevelopment District Commission and Brown University, with an option to buy it at fair market value at the end of the lease.

The team is asking state lawmakers to approve a guaranteed 30-year state lease of the new stadium that would commit taxpayers to pay about $5 million a year in rent, which would come out to $150 million over the life of the lease. The team would then sublease the stadium back from the state for $1 million a year, putting the net cost to taxpayers at $4 million annually, or $120 million over the life of the lease.

Jim Furtado Posted: April 16, 2015 at 06:57 AM | 13 comment(s)
  Beats: minor league baseball, red sox, stadium deals

Wednesday, March 18, 2015


Tuesday, March 17, 2015

Is Obama proposal the end of taxpayer-subsidized sports stadiums?

I’ve railed against government-financing of stadiums for years and years. I learned a long time ago what terrible waste of tax-payer money it is. I would love to see the practice ended. I’ve also learned that, if there is a way for our elected officials to screw up a good idea, they will find it.

Jim Furtado Posted: March 17, 2015 at 09:03 AM | 39 comment(s)
  Beats: stadium deals, stadium financing

Monday, March 16, 2015

Braves, Comcast will unveil major stadium deal | www.ajc.com

How many times will Comcast make them reschedule?

Jim Furtado Posted: March 16, 2015 at 07:25 PM | 11 comment(s)
  Beats: braves, stadium deals

 

 

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