Many of the stadium deals included “revenue bombs”…
In many cases, the architects of the deals are long gone by the time the bill comes due.
### http://www.nytimes.com December 24, 2009
Stadium Boom Deepens Municipal Woes
By Ken Belson
CINCINNATI — Years after a wave of construction brought publicly financed stadiums costing billions of dollars to cities across the country, taxpayers are once again being asked to reach into their pockets.
“It’s like the movie where the blob keeps growing and eating away at other elements of county government… We’re beginning to cross a line in the sand by taking money from the general fund to pay for the stadiums. Once you put that money in jeopardy, you put the whole county at risk.”
-David Pepper, commissioner
From New Jersey to Ohio to Arizona, the stadiums were sold as a key to redevelopment and as the only way to retain sports franchises. But the deals that were used to persuade taxpayers to finance their construction have in many cases backfired, the result of overly optimistic revenue assumptions and the recession.
Post by Elizabeth Kerr