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Stadium Financing Newsbeat

Thursday, November 02, 2017

Bloomberg: Republicans Push to End Muni Bond Sales by Businesses, Stadiums

Neil deMause, to the courtesy phone…

Congressional Republicans proposed barring the sale of municipal bonds for professional sports stadiums and privately run infrastructure projects such as toll roads and airports, a step that’s at odds with President Donald Trump’s push to increase funding for public works.

The tax-cutting bill released Thursday would also eliminate advanced refundings of debt issues, a popular refinancing technique with state and local governments, as well as bonds backed by federal tax credits. If enacted, the proposals would cut the amount of municipal debt sold each year by billions of dollars and potentially boost demand for the bonds.

“If you reduce the supply of municipal securities that would make them generally more valuable,” said Rob Amodeo, head of municipal debt for Western Asset Management. “But if you look at the idea that munis are going to act as a cornerstone for financing U.S. infrastructure, some of the provisions in this tax plan may challenge that a bit.”

The rollback to so-called private-activity bonds would increase costs for companies that finance public works by borrowing billions each year in the municipal securities market, where interest rates are lower. Ending the program would would increase revenue by about $39 billion through 2027, according to Congressional estimates.

Renegade (((JE))) Posted: November 02, 2017 at 03:34 PM | 2 comment(s)
  Beats: congress, donald trump, republicans, stadium financing, stadiums, taxpayers

Thursday, October 05, 2017

KC studying $450m stadium for Royals, because old one was renovated eight whole years ago | Field of Schemes

I am so tired of these stories. When will taxpayers wake up?

The city of Kansas City is funding a study of at least four potential sites for a downtown baseball stadium for the Kansas City Royals, according to documents obtained by The Star…

[Kansas City Manager Troy] Schulte said the studies started after the Downtown Council approached City Hall about the feasibility of downtown baseball. Schulte added that he agreed to help fund a study to consider whether the four sites would work so that the city could plan ahead if the idea gained momentum…

Potential obstacles for downtown baseball include parking and how to pay for it. Schulte said initial estimates for a stadium were north of $450 million. Those details, he added, have not been studied in depth.

Jim Furtado Posted: October 05, 2017 at 10:47 AM | 16 comment(s)
  Beats: stadium financing, stadium renovations, stadiums

Tuesday, September 19, 2017

LEADOFF: Final vote today on Braves spring training facility; cost top

You have to love stadium deals.

Jim Furtado Posted: September 19, 2017 at 09:07 AM | 1 comment(s)
  Beats: minor leagues, stadium financing

Tuesday, August 08, 2017

Consultant says $90m Brewers spring-training park would lose money, town seeks new consultant | Field of Schemes

The Milwaukee Brewers are seeking a new $90 million spring-training facility in Gilbert, Arizona, and are generously offering to pay a whole $20 million of the cost:

According to emails among Gilbert staffers, [developer David] Sellers and financial consultants from April to June, the Brewers are willing to put $20 million toward the construction of the new facility.

The town would be on the hook for the other $70 million, which could be funded through bonds, development fees or a special taxing district…

LGE Design Build also proposed a 13-acre village next to the facility that would include 220 hotel rooms, 85,000 square feet of office space and 50,000 square feet of retail. It would cost an estimated $70 million to build, although it’s unclear who would front that cost.

Jim Furtado Posted: August 08, 2017 at 09:00 AM | 39 comment(s)
  Beats: stadium financing

Wednesday, June 21, 2017


Tuesday, June 13, 2017

Rovell: Senators aim to stop use of municipal funds to finance stadiums

Cory Booker, D-N.J., and James Lankford, R-Okla., are sponsoring a bill that would prohibit teams from using municipal bonds, whose interest is exempt from federal taxes, to help finance stadium construction.

. . .

The largest federal subsidies, according to the report, include the New York Yankees ($431 million), the Chicago Bears ($205 million), the New York Mets ($185 million), the Cincinnati Bengals ($164 million) and the Indianapolis Colts ($163 million).

 


 

 

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