Nov 14, 2013, 12:33 PM EST
As mentioned this morning, it’s 55% Braves money, 45% Cobb County. The breakdown is like so, though:
- The Braves will pay $280 million up front, adding $92 million more in the future;
- Cobb County will pay $14 million up front in transportation improvements and $10 million more in general funds from a special business district.
- The county will finance the remaining $276 million by issuing revenue bonds.
Of course, payments need to be made on bonds. They’ll be paid like so:
- $400,000 a year from a new rental car tax;
- $940,000 a year from an existing hotel/motel tax;
- $2,740,000 a year from a new hotel/motel fee in that special business district;
- $5,150,000 a year from a property tax increase in the special business district;
- $8,670,000 a year from reallocating Cobb County property taxes.
The upshot? Politicians can and will say that they’ve only raised taxes in two small places — on out of towners in hotels and people in a special business district who probably knew this sort of thing could happen — and thus it’s a nice, impact-light, conservative-happy financing plan.
Except when you reallocate existing taxes to pay for a ballpark, you are taking them away from uses to which they are already being put. How much of the over $10 million a year moved toward the ballpark is being taken away from already-strapped schools, mental health services, parks, police, fire and other public uses?
And except that, if those rental car and bed taxes don’t provide the funds these estimates think they will, it will almost certainly be taxpayers footing the bill for the shortfall.
Also: if they have the will to raise new taxes in special improvement districts and on out-of-towners for this, why would doing it for any other purpose have led to accusations of creeping socialism and business and job-killing and the like? “Because we like sports,” is the answer, I suppose, “and we’ll now get nice seats at Braves games.”
All of which would be fine if the ballpark would bring economic benefits — benefits which go to the public who is paying for 45% of it — in equal or greater measure. But as we know from history, it is rarely if ever the case that sports facilities or events bring such benefits.
But hey, if that’s what Cobb County wants, at least it’s being done through the democratic process, right? It may be a bad decision to use public funds to pay for the Braves new park, but there’s nothing that says that taxpayers can’t decide to do dumb things. Right?
Because there are no new taxes here outside of the self-taxing CID, the County Commission can approve the proposal without a countywide referendum. Cobb County residents will cover nearly half of the Braves’ ballpark without getting to vote on it.
Oh. Well then.
Dec 20, 2014, 11:50 PM EST
Exciting news for Willie Bloomquist fans.
Dec 20, 2014, 10:45 PM EST
Bounce-back candidate Brandon Beachy has drawn interest from the Rangers lately.
Dec 20, 2014, 9:40 PM EST
Josh Lindblom is taking his talents to the Lotte Giants of the Korea Baseball Organization.
Dec 20, 2014, 7:35 PM EST
The deal between Cuban infielder Roberto Baldoquin and the Angels became official on Saturday after the 20-year-old passed his physical.
Dec 20, 2014, 7:10 PM EST
The Giants reportedly have no plans to attempt to initiate contract talk with free agent Max Scherzer.
Dec 20, 2014, 6:05 PM EST
An unnamed team has reportedly offered a two-year deal to Nick Hundley. It’s not the Orioles.
Dec 20, 2014, 5:26 PM EST
MLB’s waiver rules are complicated enough for fans and those who cover baseball on a regular basis, but apparently they can even confuse teams sometimes.
Dec 20, 2014, 4:06 PM EST
The Phillies could eye Asdrubal Cabrera as a replacement for Jimmy Rollins.
Dec 20, 2014, 2:45 PM EST
Downs had a 4.97 ERA over 55 appearances this past season between the White Sox and Royals.
Dec 20, 2014, 1:30 PM EST
With the Phillies in the middle of a rebuilding effort, they are facing some tough (and long overdue) truths with their veteran players.
Dec 20, 2014, 12:16 PM EST
Tulowitzki would immediately take the Mets from a “maybe” contender to a “legitimate” contender, but don’t get your hopes up.
Dec 20, 2014, 11:01 AM EST
Rollins was officially traded from the Phillies to the Dodgers yesterday in exchange for right-hander Zach Eflin and left-hander Tom Windle.
Dec 20, 2014, 9:59 AM EST
As part of this week’s three-team Wil Myers trade, the Nationals acquired right-hander Joe Ross and a player to be named later. However, the player to be named later isn’t a mystery. It’s shortstop prospect Trea Turner, who is now in limbo after the trade.
Dec 20, 2014, 8:51 AM EST
No word yet on who submitted the top bid.
Dec 19, 2014, 11:30 PM EST
Chase Utley plans to wear Phillies red until his contract runs out.
Dec 19, 2014, 10:25 PM EST
Everything’s coming up Padres lately.
Dec 19, 2014, 9:31 PM EST
Brian Wilson and his beard are back on the free agent market after the Dodgers released him on Friday.
Dec 19, 2014, 9:20 PM EST
The Red Sox have brought back lefty Craig Breslow on a one-year deal for $2 million.
Dec 19, 2014, 8:15 PM EST
The Padres’ outfield should hit a lot of homers in 2015, but they may give back a lot of those runs on defense.
Dec 19, 2014, 7:10 PM EST
The Orioles have settled on a new hitting coach: Scott Coolbaugh.
- Phillies GM told Ryan Howard they’d be better off “not with him but without him” 82
- Trea Turner’s agent is unhappy his client is in limbo after trade to Nationals 46
- Nexen Heroes accept Jung-Ho Kang posting fee from unidentified MLB team 31
- Giants acquire Casey McGehee from the Marlins 16
- The Padres have given their fans something to talk about. Which is badly needed in San Diego. 64
- Justin Upton traded to the Padres for three prospects 79
- Bud Selig will get a $6 million a year pension. Which is obscene. 144
- Jake Peavy agrees to a two-year, $24 million deal to stay with the San Francisco Giants 26
- The United States will seek to normalize relations with Cuba (144)
- Bud Selig will get a $6 million a year pension. Which is obscene. (144)
- Cubs, Red Sox, Dodgers, Padres, Rangers, and Astros interested in Phillies’ Cole Hamels (111)
- Rays, Padres, Nationals agree to 11-player trade (97)
- Chase Headley signs a four-year deal with the Yankees worth at least $52 million. (95)