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Thursday, June 16, 2022

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.

RoyalsRetro (AG#1F) Posted: June 16, 2022 at 11:13 AM | 9 comment(s) Login to Bookmark
  Tags: braves, truist park

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   1. Pat Rapper's Delight (as quoted on MLB Network) Posted: June 16, 2022 at 12:54 PM (#6082162)
“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.

"But it's mostly, OK, entirely, a win for the organization," Plant continued.
   2. GregD Posted: June 16, 2022 at 02:35 PM (#6082180)
entity asked to hold the bag "just in case" is left holding the bag
   3. John Northey Posted: June 16, 2022 at 04:57 PM (#6082242)
There is a reason that pro-sports facilities are banned from public funding in Ontario now. Half a billion blown on the SkyDome in 1989 made it painfully obvious it is a waste of money. If a pro team isn't willing to pay for the facilities themselves then screw them.
   4. baxter Posted: June 16, 2022 at 10:59 PM (#6082318)
3. Yes; if it were that great of an investment, the team/league would put its own money into it.
   5. snapper (history's 42nd greatest monster) Posted: June 17, 2022 at 09:15 AM (#6082396)
I would heavily favor some sort of Federal legislation making company or industry specific tax breaks, or gov't investments, illegal.
   6. 57i66135 is a hard word for me. Posted: June 17, 2022 at 09:36 AM (#6082398)
I would heavily favor some sort of Federal legislation making company or industry specific tax breaks, or gov't investments, illegal.
and while we're at it, let's rid of the discriminatory tax-exempt status for religious organizations.
   7. snapper (history's 42nd greatest monster) Posted: June 17, 2022 at 10:22 AM (#6082410)
and while we're at it, let's rid of the discriminatory tax-exempt status for religious organizations.

How is it discriminatory? All non-profits are tax-exempt. Go after Harvard and Yale first, or the big medical centers. They have way more money than any church, but wouldn't want to let facts get in the way of your bigotry.
   8. 57i66135 is a hard word for me. Posted: June 17, 2022 at 11:55 AM (#6082434)
How is it discriminatory? All non-profits are tax-exempt. Go after Harvard and Yale first, or the big medical centers. They have way more money than any church, but wouldn't want to let facts get in the way of your bigotry.
religious organizations have repeatedly argued in federal court that they have the right to discriminate against protected classes, due to their religious beliefs. granting them special tax exemptions (which are not specifically enumerated in the constitution, btw) amounts to state-sponsored discrimination. #reaping #sowing #actions #consequences

but you make a good point, and so yes, let's expand my statement to include blue-blood non-profits that are sitting on hundreds of millions to billions in "charitable" trusts.
   9. Starring Bradley Scotchman as RMc Posted: June 18, 2022 at 08:58 AM (#6082657)
if it were that great of an investment, the team/league would put its own money into it.

Well, if you had the opportunity to spend somebody else's money instead of your own, wouldn't you do it?

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