Quote:
Originally Posted by Stormer
I have been discussing with some how we might finance a new stadium given the opposition from some quarters to taxpayers footing the entire bill and with the Province pointing to other priorities and the new reality of $40 oil.
What do you think of this:
Contributions to $350 million, 40,000 seat domed stadium:
Riders from current facility fee, etc: $10 million
City 40
Province 100
Feds 0
Naming rights 20
5000 licenses for the best seats* 15
25 year mortgage at 5% interest** 165
Boxes/corporate lounge 3
TOTAL $353 million
*$3000 per seat licence payable over 6 years at $500/year. 20 year license to have first right to buy tickets to all events in those seats.
**guaranteed by the Province to obtain low rate. Paid for with a $10/ticket facility fee. Assumes 40 events per year averaging 30,000 per event raisies $12 million per year for debt service.
The Feds have said they won't contribute to football stadiums, but they would presumably conttribute to the cost of related infastructure.
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Great thinking, I like the path you are on. It definitely is doable.
I did some math of my own though.
Roughly a thousand bucks a year for my wife and I to go to the Rider Games. Total cost is around $6000 for 6 years. ($100/ game +/-, ten games per year).
With the plan above I see the increased costs for myself to be:
-330 more per year on my Property Tax. (Assume a 0.8% tax increase across the board to raise the City's $10 mil.)
-200 more per year on the facility fee (10 games X $10 x two tix)
-1000 per year for the seat license (My seats would be in the top 5000).
The new cost would be around $15,000 for six years. ($250/game +/-, ten games per year).
Even for a die-hard Rider fan like myself, unfortunately it would be a hard sell.