Visitors paying less, businesses more for Cobb stadium bonds

Visitors to Cobb County in 2021 again contributed less than expected to pay off the public’s share of the Truist Park construction bonds, shifting more of the costs onto local taxpayers, county financial documents show.

Still, county finance officials characterized the update released on Tuesday as great news for county residents, because the pandemic-fueled dip in hotel taxes was more than offset by a rise in property taxes paid by businesses in the surrounding Cumberland area….

Also on Tuesday, the Braves released a report on the fiscal impact to Cobb County, adding another voice to the debate over whether the stadium was worth the cost to taxpayers.

Most economists are skeptical of such subsidies, because fiscal impact studies touted by businesses fail to consider the opportunity cost of investing public dollars on other things.

The latest study, by sports economist and author Andrew Zimbalist, concluded that so far, the county has spent more on debt payments and public services for Truist Park and The Battery than the projects have generated in annual revenue. But Zimbalist estimated the long-term financial benefit to Cobb County government could be anywhere from $20 million to $126 million in net present value.

“I think this has been a win-win for both the organization and the county,” said Mike Plant, the president of the Braves development arm.

A critique of Zimbalist’s findings here.