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

[Anonymous]

Anonymous wrote:

Anonymous wrote:I hope it comes to VA….getting to FedEx is a nightmare.

Why? It’s not like anyone else is going there…

It’s pretty inconvenient if you live in the Virginia exurbs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:At least call them Virginia Commanders (VC aka Viet Cong)

Meh, everyone’s calling them the Washington Commies, so we already have that covered.

A dumb nickname, which is only embraced by even dumber right wingers who couldn't tell the difference between a commie and the void between their ears.

Giggle

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I hope it comes to VA….getting to FedEx is a nightmare.

This sort of shallow perspective costs taxpayers billions.

+1. I will actively protest against this environmental and economic disaster moving here.

Did you protest the move by Amazon?

This is one of stupidest comparisons on this site which is saying something.

Four eyes in the front seat got it!

[Anonymous]

Anonymous wrote:

Anonymous wrote:LOL Virginia you really are idiots.

Is this coming from someone paying for FedEx Field or Nationals Park?

Nobody except Jack Kent Cooke paid for FedEx Field, dear.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:LOL Virginia you really are idiots.

Is this coming from someone paying for FedEx Field or Nationals Park?

Nobody except Jack Kent Cooke paid for FedEx Field, dear.

Maryland paid $60 million to improve the surrounding roads.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:LOL Virginia you really are idiots.

Is this coming from someone paying for FedEx Field or Nationals Park?

Nobody except Jack Kent Cooke paid for FedEx Field, dear.

Maryland paid $60 million to improve the surrounding roads.

That’s peanuts compared to paying for the stadium. And most of the roads are used all the time, not just on game days.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:LOL Virginia you really are idiots.

Is this coming from someone paying for FedEx Field or Nationals Park?

Nobody except Jack Kent Cooke paid for FedEx Field, dear.

Maryland paid $60 million to improve the surrounding roads.

So they’ll call the funding a transportation bill I bet.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:LOL Virginia you really are idiots.

Is this coming from someone paying for FedEx Field or Nationals Park?

Nobody except Jack Kent Cooke paid for FedEx Field, dear.

Maryland paid $60 million to improve the surrounding roads.

That’s peanuts compared to paying for the stadium. And most of the roads are used all the time, not just on game days.

They used the roads before the stadium all the time. The $60 million was for widening to handle the flux of stadium visitors on game days. That's approximately $100 million is today's dollars as well.

[Anonymous]

So if they move to VA will they be the Commanders (of the Confederacy)?

[Anonymous]

I gotta agree with Reason on this one.

The Super Bowl Will Be Played in the Most Expensive Stadium Ever Built. Taxpayers Didn't Pay a Dime.
Meanwhile, Virginia and Washington, D.C., are in a bidding war to decide which taxpayers will have the chance to pay for the Washington Commanders' new stadium. It shouldn't be this way.

https://reason.com/2022/02/11/the-super-bowl-will-be-played-in-the-most-expensive-stadium-ever-built-taxpayer-didnt-pay-a-dime/


Also, this is just criminal:

The man behind SoFi Stadium is Rams' owner Stan Kroenke, who brought the team back to L.A. after it had spent 21 seasons in St. Louis, Missouri. While there, the Rams played in the soulless Edward Jones Dome, which was originally built with $280 million in public funds—some of which the city is still paying off, despite no longer having a team.

[Anonymous]

Dum dums.

[Anonymous]

The team clearly wants to be in Virginia. That's where the land is and where the most money can be made.

[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.

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.

It looks like you are 100% wrong. The bonds will get their ratings because all Virginia Tax revenue will be available to pay them

According to the actual bill, pretty much everywhere: The stadium authority would be entitled to “all sales tax revenues,” plus “all [state] personal income tax revenues, corporate income tax revenues, and pass-through entity tax revenues,” plus “any [property] tax increment financing on the campus.” That means that virtually every penny of taxes Daniel Snyder would normally owe on a stadium development would get kicked right back to a fund to help Daniel Snyder pay off his own construction costs.

https://www.fieldofschemes.com/2022/02/15/18505/virginia-is-looking-at-a-mega-tif-to-funnel-1b-in-tax-money-to-commanders-stadium/

[Anonymous]

Anonymous wrote:

Anonymous wrote:I hope it comes to VA….getting to FedEx is a nightmare.

Why? It’s not like anyone else is going there…

Typical pigheaded comment from someone in DC or MD...

[Anonymous]

I see several issues. Claiming that sales taxes will pay off in full the tax exempt financing is hard to believe, and the contrary regularly occurs with other stadiums. Claiming that an aggregate annual attendance at a football stadium justifies public money is contradicted by the facts. Football stadiums draw at best 1 to 1.2 Million fans a year. Baseball and basketball/hockey arenas blow those numbers away, and are cheaper to build. And NFL claims to be the richest sports league in the US, so show it. But Virginia does not have a major professional sports team, and Virginia probably deserves one. So perhaps pursuing the Commanders makes some sense. State pride, etc.