Quote:
Originally Posted by innovativethinking
But what about the money these arenas generates for the city? The new property tax revenue, concerts, local events, parking, etc? I think a small and fair public contribution is fair. These sports teams and arena really provide entertainment for the local community for the people that ENJOY these type of things. There's a reason why sports is so prevalent in our society.
Sports represented by cities, provide civic pride which is then recognized globally with a good popular reputation.
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I agree there are other benefits from these investments, but there are lots of other ways to generate property tax revenue - street improvements, parks, public art, etc. The Timbers deal required only $12 million in city bonds for the additional renovation and is being paid back on schedule. Not sure what the payback period, if any, is for the $250 million or whatever the incredible costs these other major stadiums require. Anyone know?
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