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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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.  [/quote]

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.  [/quote]

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. [/quote]

None of this is true. The numbers for NFL stadium never work out as projected [/quote]

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