Quote:
Originally Posted by someone123
You need to do a bunch of accounting to compare it fairly though.
The $90M USD in direct subsidies in 2000 work out to $178M in 2019 CAD.
The SF stadium pays $1.2M in rent but the site is assessed by the city at over $400M! The deal is equivalent to a situation in Halifax where the WDC handed a stadium-sized chunk of downtown waterfront over to the CFL promoters and charged them $200,000 a year for it. Instead the CFL promoters are buying land for their project.
I bet the real subsidy per seat is similar or maybe even higher for the SF stadium, although it sounds like the private project spending is hugely higher for SF.
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Yeah, I meant it more on a conceptual level, but you make good points.
Overall, I was thinking in terms of the city recognizing that there are net benefits over and above financial return on having an iconic stadium, and has gone to great expense to provide good transit to support the facility. Of course it's San Francisco, not Halifax, but I think the same principles apply.
In considering a potential higher subsidy per seat one must also take into account that this is a much grander facility than the one proposed for Halifax. And being an MLB stadium it has a much higher profile than any CFL stadium that Halifax would have (and thus more spinoff benefits to the city IMHO). But you have to start somewhere...
Also, that plot of land in SF will always appreciate in value, so if the Giants don't renew their lease when it's up, the city will still own the land for sale or redevelopment. If the CFL promoters are buying the land, then the city is paying for a stadium that they don't own, and if the owners decide to sell at some point (i.e. if the franchise does not prove successful), where does that leave the city? No stadium (that our tax money has paid for) and no land. I know I'm not grasping all the details here, but it doesn't seem like a good deal for us...
...but I do want a stadium to be built and think we should not just give up on it.