Virginia is for Suckers: VA leg looking to spend $1B to lure Washington Commanders

[Anonymous]

Sterling, Woodbridge or Dumfries
https://www.wusa9.com/article/sports/nfl/washington-commanders/where-will-new-washington-commanders-stadium-be-built-washington-football-stadium-plans-sneak-peek/65-40e4bcac-ea32-4be0-af86-0f34133e49a7?fbclid=IwAR1c2QGOg7An7p8iHQKF38e7iKmguvwo6CJw8kf0k06SHSiA6Hzlvi3t19E

[Anonymous]

With the Dumfries site:

The proposal would include outdoor and indoor training facilities and team offices, a 14,000-seat amphitheater, hotels and a conference center, residential buildings and mixed-used retail including nightlife.

That seems like the most optimistic if you build it they will come scenario that I've read for a while.

[Anonymous]

Anonymous wrote:Sterling, Woodbridge or Dumfries
https://www.wusa9.com/article/sports/nfl/washington-commanders/where-will-new-washington-commanders-stadium-be-built-washington-football-stadium-plans-sneak-peek/65-40e4bcac-ea32-4be0-af86-0f34133e49a7?fbclid=IwAR1c2QGOg7An7p8iHQKF38e7iKmguvwo6CJw8kf0k06SHSiA6Hzlvi3t19E

3 places I would never go!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m not sure you understand how public finance works. Why wouldn’t Virginia bid on getting the new stadium? How do you think Maryland got FedEx from DC’s RFK?

That’s how these kind of projects are built, via public finance through bonds in which the future collected taxes (property or sales) are pledged for future debt payment. I worked on the deal for Nats Park (which almost went to Virginia in Pentagon City) and the Ravens stadium for example.

This proposal of how the state would pay for the stadium is completely normal.

Public financing of football stadiums is a complete waste of taxpayer money. $1B for 8-10 games a year, at 100,000 at max attendance. 1 Million in total attendance. Yes, there may be a few extra events a year, but some of those are simply events that would be held elsewhere. In contrast, many MLB teams draw 2M plus in attendance over a year, excluding playoff games. Basketball/hockey arenas draw perhaps 1.5 Million a year. Moreover, NFL teams are richer and can afford to pay their own way.

You can have your own personal opinions re whether an NFL team should pay to build its own stadium but it doesn’t represent your knowledge of public finance. The projected numbers must be there for future revenue stream to get underwriting and bond ratings. I believe this is a form of TIF or sales tax pledge. This is normal for stadiums. DC does TIFs all the time. Maybe read up more on public finance before you make generalized statements that show no understanding. I’m not a football fan whatsoever so I could care less of Virginia gets the stadium but this is exactly how this sort of deal works.

Either the revenue needs to be there, or the municipality needs to guarantee the debt. That's what happened with both the baseball stadium and the convention center. Neither one produced the revenue it was projected too, the city pays the debt out of general funds.

At least, DC got 90 plus events a year with Nats Park. Better than 10 Sundays a year. The concerts at Nats Park have been terrific!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m not sure you understand how public finance works. Why wouldn’t Virginia bid on getting the new stadium? How do you think Maryland got FedEx from DC’s RFK?

That’s how these kind of projects are built, via public finance through bonds in which the future collected taxes (property or sales) are pledged for future debt payment. I worked on the deal for Nats Park (which almost went to Virginia in Pentagon City) and the Ravens stadium for example.

This proposal of how the state would pay for the stadium is completely normal.

Public financing of football stadiums is a complete waste of taxpayer money. $1B for 8-10 games a year, at 100,000 at max attendance. 1 Million in total attendance. Yes, there may be a few extra events a year, but some of those are simply events that would be held elsewhere. In contrast, many MLB teams draw 2M plus in attendance over a year, excluding playoff games. Basketball/hockey arenas draw perhaps 1.5 Million a year. Moreover, NFL teams are richer and can afford to pay their own way.

I'm not necessarily disagreeing with you -- but NFL stadiums also hold music concerts, NCAA football games, NCAA basketball playoffs (e.g. Big East conference, March Madness) ... maybe even a Super Bowl at some point. To say it's only 10 games a year, period, is highly misleading.

Again, those non-NFL events will be far and few. Not highly misleading. 1-2 concerts a year at most, assuming any. NCAA football game, maybe Army-Navy every few years. Big East tourny will not draw 100,000 and will certainly play in Verizon over a NFL stadium. NCAA playoff game, again every few years maybe. Super Bowl, every 10-15 years. Say again, 8-10 games a year, plus maybe a few events a year. There is zero rationale here. Moreover, the added feature here is that Snyder is actively disliked by so many that few of these organizations have any interest in working with him.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m not sure you understand how public finance works. Why wouldn’t Virginia bid on getting the new stadium? How do you think Maryland got FedEx from DC’s RFK?

That’s how these kind of projects are built, via public finance through bonds in which the future collected taxes (property or sales) are pledged for future debt payment. I worked on the deal for Nats Park (which almost went to Virginia in Pentagon City) and the Ravens stadium for example.

This proposal of how the state would pay for the stadium is completely normal.

Public financing of football stadiums is a complete waste of taxpayer money. $1B for 8-10 games a year, at 100,000 at max attendance. 1 Million in total attendance. Yes, there may be a few extra events a year, but some of those are simply events that would be held elsewhere. In contrast, many MLB teams draw 2M plus in attendance over a year, excluding playoff games. Basketball/hockey arenas draw perhaps 1.5 Million a year. Moreover, NFL teams are richer and can afford to pay their own way.

I'm not necessarily disagreeing with you -- but NFL stadiums also hold music concerts, NCAA football games, NCAA basketball playoffs (e.g. Big East conference, March Madness) ... maybe even a Super Bowl at some point. To say it's only 10 games a year, period, is highly misleading.

So 20 dates a year? Is that "highly misleading?"

20 dates is way more than FedEx has been averaging over the years.

The fact is that few events, whether concerts or games, attract 100,000 spectators. The fact also is that the DC does not need another concert venue or basketball venue. The VA proposal of an 14K venue will simply take concerts away from Wolf Trap and Manassas, etc.

[Anonymous]

The part that is unacceptable to me:

Tax-exempt municipal bonds

This is just one part of crony capitalism that grinds my gears. The tax-exempt nature of these bonds is a straight up hand over of cash from the taxpayers to Daniel Snyder.

[Anonymous]

Anonymous wrote:With the Dumfries site:

The proposal would include outdoor and indoor training facilities and team offices, a 14,000-seat amphitheater, hotels and a conference center, residential buildings and mixed-used retail including nightlife.

That seems like the most optimistic if you build it they will come scenario that I've read for a while.

I hear conference centers have been booming in recent years. I understand that DMV needs another 14,000 seat venue, given that there are already too many to count.

[Anonymous]

Virginia isn’t for lovers, it’s for dum dums.

Suckers!

[Anonymous]

https://www.msn.com/en-us/sports/nfl/washington-s-new-stadium-may-include-retractable-roof/ar-AAUsPm0?ocid=msedgdhp&pc=U531

These idiots suggest that the new stadium might attract 100 events a year. What events? They need to name them. Simple BS! I wonder if Nats Park attracts 100 events a year, and it starts with 82 baseball games.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m not sure you understand how public finance works. Why wouldn’t Virginia bid on getting the new stadium? How do you think Maryland got FedEx from DC’s RFK?

That’s how these kind of projects are built, via public finance through bonds in which the future collected taxes (property or sales) are pledged for future debt payment. I worked on the deal for Nats Park (which almost went to Virginia in Pentagon City) and the Ravens stadium for example.

This proposal of how the state would pay for the stadium is completely normal.

Why is Virginia pledging $1B + interest in taxpayer monies over the next 30 years to pay off this debt?

You know as well as I do that these publicly-financed stadiums are total money pits.

+1

For a team that sucks. Plus, didn't Cooke offer to pay for a new stadium before he died? Stupid all around.

[Anonymous]

Anonymous wrote:https://www.msn.com/en-us/sports/nfl/washington-s-new-stadium-may-include-retractable-roof/ar-AAUsPm0?ocid=msedgdhp&pc=U531

These idiots suggest that the new stadium might attract 100 events a year. What events? They need to name them. Simple BS! I wonder if Nats Park attracts 100 events a year, and it starts with 82 baseball games.

+1

[Anonymous]

Anonymous wrote:The part that is unacceptable to me:

Tax-exempt municipal bonds

This is just one part of crony capitalism that grinds my gears. The tax-exempt nature of these bonds is a straight up hand over of cash from the taxpayers to Daniel Snyder.

+1

Don't get me started on him.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m not sure you understand how public finance works. Why wouldn’t Virginia bid on getting the new stadium? How do you think Maryland got FedEx from DC’s RFK?

That’s how these kind of projects are built, via public finance through bonds in which the future collected taxes (property or sales) are pledged for future debt payment. I worked on the deal for Nats Park (which almost went to Virginia in Pentagon City) and the Ravens stadium for example.

This proposal of how the state would pay for the stadium is completely normal.

Why is Virginia pledging $1B + interest in taxpayer monies over the next 30 years to pay off this debt?

You know as well as I do that these publicly-financed stadiums are total money pits.

+1

For a team that sucks. Plus, didn't Cooke offer to pay for a new stadium before he died? Stupid all around.

Cooke did build the stadium before he died. It was included in the sale to Snyder. Maryland paid for road and infrastructure improvements around it and that’s it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://www.msn.com/en-us/sports/nfl/washington-s-new-stadium-may-include-retractable-roof/ar-AAUsPm0?ocid=msedgdhp&pc=U531

These idiots suggest that the new stadium might attract 100 events a year. What events? They need to name them. Simple BS! I wonder if Nats Park attracts 100 events a year, and it starts with 82 baseball games.

+1

Please name, supporters.