Reply to Wizards and Caps could be moving to Potomac Yard

Forum Index » Metropolitan DC Local Politics

Reply to "Wizards and Caps could be moving to Potomac Yard"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Unfortunately or fortunately, this is basically a done deal.  State legislative members outside this area will not go on record as opposing the first proposal to bring professional sports teams to Virginia, particularly when the members of the district support it.  The average voter in Virginia doesn’t care that the deal might force the State to raise income taxes in 15-20 years.

There’s no question that this proposal will benefit Alexandria economically, and in a major way.  It might well be a boondoggle for the rest of Virginia, and it will divert investment and revenues from Arlington County and Fairfax County to Alexandria, but most members of the state legislature don’t care about that.[/quote]

Who cares about a professional sports team in 2024?

The tax bill will come due in about 4 years.  The thing is supposed to be up and running in a couple years, it will be a failure in year 3 and then the money will have to be paid back and there won’t be enough revenue.

And no way it will benefit Alexandria economically.  The fundamentals simply don’t bear that assertion out.

You a lobbyist for monumental??[/quote]
The stadium complex itself will have little or any economic benefit because all the tax revenues associated with that 12-acre site will go towards paying off the stadium authority debt.  However, the stadium complex is only a small piece of the larger 70 acre development area.  The 70–acre site is projected to ultimately include more than 9 million square feet of mixed use and residential with more than $10 billion in investment that would otherwise be directed to DC, Arlington, or Fairfax.  That will make it roughly THREE TIMES the size of the Wharf development in SW DC. Alexandria will get to retain the tax revenues associated with the 58 non-stadium acres.[/quote]

If the stadium were not built, Alexandria would get the revenues from all 70 acres, without risking its financial future.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics