Urban Planet is a daily roundup of blogs from around the world dealing specifically with urban environments. We’ll be on the lookout for websites outside the country that approach themes related to urban experiences and issues.
21 NFL teams play in stadiums that were built or renovated in the last 25 years using tax-free public borrowing. These tax breaks, originally created to help local governments cut their borrowing costs for building infrastructure such as roads, sewers and schools, have supported the development of many stadiums – many of which have contributed significantly to the value of sport franchises. Yet, there remains considerable uncertainty about the economic benefits resulting from these structures. (Bloomberg)
Image from Princess Stand in the Rain
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3 comments
Please tell us more about “tax free public borrowing.” Sounds to me like an oxymoron! Just how does that work?
Stadiums are a justifiable civic expenses since – as large containers they may be seized by local authorities at times of emergency for accommodations (for homeless, or threatened population); and since they can also be considered as local make work projects – note: they are reasonably high tech so as to advance the skills of labor pools, and if they add to the local culture, then it’s a bonus!
Naturally some people somewhere make a profit against the public purse, but this even happens with sidewalk repair, transit, or waterfront projects, or anyone with land near a rezoning event.
Tax free public borrowing refers to municipal bonds.
The NFL boom is NOTHING compared to the number of new college football stadiums, every one of which is larger than anything in the CFL.