Nov 14, 2013, 12:33 PM EDT
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.
Sep 23, 2014, 2:14 PM EDT
It did not go well.
Sep 23, 2014, 2:04 PM EDT
Probably to announce Sandy Alderson’s contract extension.
Sep 23, 2014, 1:47 PM EDT
J.J. Hardy is on the verge of a big payday, but will it be from the Orioles?
Sep 23, 2014, 1:33 PM EDT
The Braves could’ve fired their manager, but didn’t. Why?
Sep 23, 2014, 1:15 PM EDT
“I wouldn’t be afraid to use him at any point in the game, really.”
Sep 23, 2014, 12:59 PM EDT
The Tigers can’t beat out the Orioles now, so the O’s will start the playoffs at home.
Sep 23, 2014, 12:02 PM EDT
But signing a guy to a multi-year deal after his first above average year in seven seasons is not exactly a winning move.
Sep 23, 2014, 11:12 AM EDT
No matter what happens to him for the rest of his life, Guilder Rodriguez can say he was a major leaguer.
Sep 23, 2014, 10:49 AM EDT
Great Moments in Security Theater
Sep 23, 2014, 10:06 AM EDT
Really, I can’t make any sense of this.
Sep 23, 2014, 9:45 AM EDT
With 180 innings pitched, Dan Haren’s $10 million option kicked in.
Sep 23, 2014, 9:10 AM EDT
He has won 19 or 20 games four times in his last five seasons.
Sep 23, 2014, 8:40 AM EDT
Get your tall boots on, boys, because the Braves president is shoveling.
Sep 23, 2014, 8:23 AM EDT
Hitting the cutoff man is overrated
Sep 23, 2014, 6:29 AM EDT
Twelve games, six shutouts. And the Mariners and Indians lose ground.
Sep 22, 2014, 11:36 PM EDT
Jeter has caught fire with only days remaining in his career.
Sep 22, 2014, 10:23 PM EDT
Danny Duffy tossed six scoreless innings in his return from left rotator cuff inflammation.
Sep 22, 2014, 9:36 PM EDT
Sergio Romo and Shawon Dunston “exchanged heated words with raised voices” before Bruce Bochy intervened.
Sep 22, 2014, 8:55 PM EDT
Shoemaker came out of nowhere to go 16-4 with a 3.07 ERA and 124/24 K/BB ratio in 136 innings as a 27-year-old rookie, including a 9-1 record and 1.49 ERA in 67 innings since late July.
Sep 22, 2014, 8:21 PM EDT
Tomas, 23, could reportedly command a $100 million contract.
- John Schuerholz defines “The Braves Way.” And it’s a pretty big pile of crap. 50
- And That Happened: Monday’s scores and highlights 25
- Frank Wren fired as Braves GM, John Hart to take over on an interim basis 42
- AND DOWN THE STRETCH THEY COME! Sizing up the final week of the regular season 36
- Must-Click Link: Derek Jeter opens up. Seriously, he really does. 46
- And That Happened: Sunday’s scores and highlights 58
- Must-click link: Tommy Harper and the Red Sox’ racist past 58
- Settling the Score: Saturday’s results 34
- Geddy Lee’s baseball obsession makes it really hard for me to hate Rush (124)
- It certainly looks like Barry Bonds’ criminal conviction is going to be overturned (107)
- Ron Washington claims he resigned because he cheated on his wife (103)
- Giants CEO Larry Baer thinks advertisements on uniforms are coming soon (89)
- Umpire ejects jackwagon fan heckling Bryce Harper in Atlanta last night (85)