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.
Jul 28, 2015, 4:17 PM EDT
Hamels threw a no-hitter against Cubs on Saturday.
Jul 28, 2015, 4:09 PM EDT
The Nats may soon have too solid closers.
Jul 28, 2015, 4:00 PM EDT
And he thinks Carlos Gonzalez is the next one out the door. He’s probably right.
Jul 28, 2015, 3:45 PM EDT
Designated for assignment by the Giants last week.
Jul 28, 2015, 3:29 PM EDT
Why, I have no idea.
Jul 28, 2015, 2:40 PM EDT
General manager Dayton Moore is not messing around.
Jul 28, 2015, 1:01 PM EDT
Washington or elsewhere?
Jul 28, 2015, 11:50 AM EDT
Coors Field is powerful, but Tulowitzki is great anywhere.
Jul 28, 2015, 11:33 AM EDT
He would be a nice addition to the Nats’ pen, but a costly one given his $13 million vesting option.
Jul 28, 2015, 11:19 AM EDT
Swanson was scheduled to join a minor-league team later this week after signing for $6.5 million.
Jul 28, 2015, 11:08 AM EDT
He had a right to be angry, but maybe he overdid it a bit?
Jul 28, 2015, 10:47 AM EDT
Washington is getting healthier, but still not quite healthy.
Jul 28, 2015, 10:37 AM EDT
Great Moments in Rounding Error?
Jul 28, 2015, 10:11 AM EDT
His last five games have been insane.
Jul 28, 2015, 9:50 AM EDT
Dealing him — along with the rumors that they’d consider dealing Yasiel Puig — would continue a trend that Andrew Friedman began when he took over.
Jul 28, 2015, 9:19 AM EDT
Or they’re making a push to make the Dodgers’ life complicated. Either way.
Jul 28, 2015, 9:10 AM EDT
The trade happened just after the game. Did Rockies ownership consult Tulowitzki on it, as they said they would?
Jul 28, 2015, 8:30 AM EDT
They could’ve topped what Toronto gave Colorado for Troy Tulowitzki. Heck, most teams could’ve. Why didn’t they?
Jul 28, 2015, 7:23 AM EDT
Kris Bryant walked the Rockies off and then the Rockies sent Troy Tulowitzki off.
Jul 28, 2015, 3:19 AM EDT
Breaking down the Blue Jays-Rockies blockbuster.
- Royals make another big move, get Ben Zobrist from A’s 76
- And That Happened: Monday’s scores and highlights 49
- The Troy Tulowitzki trade might be the strangest deadline deal ever 38
- Report: Rockies trade Troy Tulowitzki to Blue Jays for Jose Reyes and prospects 90
- Alex Rodriguez celebrates 40th birthday with a home run 19
- Mets acquire Tyler Clippard from the Athletics 21
- Angels acquire Shane Victorino from Red Sox 25
- Happy 40th Birthday, A-Rod! 44
- The MLBPA is considering withholding cooperation with ESPN, Fox over Colin Cowherd’s comments (157)
- The Cubs are in discussions with the Phillies on Cole Hamels (146)
- MLBPAA announces “Heart and Hustle” award, given mostly to Americans and white guys (131)
- Colin Cowherd wonders how baseball can be considered “complicated” if Dominicans can understand it (129)
- Major League Baseball rips Colin Cowherd in an official statement (123)