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I'm from St. Louis. The Cardinals also bilked > $500M towards their new stadium despite being the most profitable MLB team. The mayor went around telling ever

I'm from St. Louis. The Cardinals also bilked > $500M towards their new stadium despite being the most profitable MLB team. The mayor went around telling everyone it was a good idea. Of course the touted economic benefits are usually an order of magnitude above reality. IMO basically capitalized on a huge inferiority complex.

patmcguire 11y ago
From St. Louis as well. It was weird when the Rams left. There wasn't much of an attitude of how great of fans St. Louis has and what a betrayal it is. It was more resignation. "Well, we're St. Louis, what did we expect?"
- dionidium 11y ago
  Also from St. Louis. I don't agree with this. r/stlouis wouldn't shut up about it, for example, and the opinions ranged all across the board.
  - patmcguire 11y ago
    Oh man, that is a rabbit hole of rage. I've been away too long.
tamana 11y ago
The mayor derives personal benefit from being involved in the stadium. (Throw out a pitch, meet players, etx) It's corruption.
vermontdevil 11y ago
$500M? The stadium cost $365M and most of it private money. The county loaned $45M for improvements. Busch Stadium had a final cost of $365 million when it opened in 2006. Of that cost, $45 million (12%) came from a long-term loan from St. Louis County. Private financing came in the tune of $90.1 million in cash from the Cardinals, $200.5 in bonds paid by the team, and $9.2 million in interest earned on the construction fund the Cardinals held. The stadium has a seating capacity of 46,861 and is owned by the St. Louis Cardinals. The stadium does not have a roof, or its own named expressway. I was unable to determine who paid for the cost overruns of $20.2 million. http://urbanmilwaukee.com/2009/05/28/miller-park-vs-busch-stadium-milwaukee-vs-st-louis/ http://urbanmilwaukee.com/2009/05/28/miller-park-vs-busch-st...
- beastman82 11y ago
  Roughly $520M. http://www.lindenwood.edu/moPolicyJournal/issue02/articles/click/click.pdf http://www.lindenwood.edu/moPolicyJournal/issue02/articles/c... >However, the Cardinals also receive significant returns through an estimated $520 million in public subsidies: $350 million from St. Louis City’s five percent admission tax 30-year waiver, $20 million from St. Louis City’s 25-year property tax abatement, $108 million paid by St. Louis County to retire the $45 million in stadium bonds, and $42 million from Missouri tax credits and highway ramp construction. Further, the Cardinals also receive an additional estimated $150 million in new stadium selling sources: $100 million over 30 years on stadium naming rights, $40 million from the Ballpark Founders Program that charges season ticket holders $2,000- $7,500 for new stadium seats, and $10 million from old Busch Stadium memorabilia sales

patmcguire 11y ago

From St. Louis as well. It was weird when the Rams left. There wasn't much of an attitude of how great of fans St. Louis has and what a betrayal it is. It was more resignation. "Well, we're St. Louis, what did we expect?"

dionidium 11y ago
Also from St. Louis. I don't agree with this. r/stlouis wouldn't shut up about it, for example, and the opinions ranged all across the board.
- patmcguire 11y ago
  Oh man, that is a rabbit hole of rage. I've been away too long.

tamana 11y ago

The mayor derives personal benefit from being involved in the stadium. (Throw out a pitch, meet players, etx) It's corruption.

vermontdevil 11y ago

$500M? The stadium cost $365M and most of it private money. The county loaned $45M for improvements. Busch Stadium had a final cost of $365 million when it opened in 2006. Of that cost, $45 million (12%) came from a long-term loan from St. Louis County. Private financing came in the tune of $90.1 million in cash from the Cardinals, $200.5 in bonds paid by the team, and $9.2 million in interest earned on the construction fund the Cardinals held. The stadium has a seating capacity of 46,861 and is owned by the St. Louis Cardinals. The stadium does not have a roof, or its own named expressway. I was unable to determine who paid for the cost overruns of $20.2 million. http://urbanmilwaukee.com/2009/05/28/miller-park-vs-busch-stadium-milwaukee-vs-st-louis/ http://urbanmilwaukee.com/2009/05/28/miller-park-vs-busch-st...

beastman82 11y ago
Roughly $520M. http://www.lindenwood.edu/moPolicyJournal/issue02/articles/click/click.pdf http://www.lindenwood.edu/moPolicyJournal/issue02/articles/c... >However, the Cardinals also receive significant returns through an estimated $520 million in public subsidies: $350 million from St. Louis City’s five percent admission tax 30-year waiver, $20 million from St. Louis City’s 25-year property tax abatement, $108 million paid by St. Louis County to retire the $45 million in stadium bonds, and $42 million from Missouri tax credits and highway ramp construction. Further, the Cardinals also receive an additional estimated $150 million in new stadium selling sources: $100 million over 30 years on stadium naming rights, $40 million from the Ballpark Founders Program that charges season ticket holders $2,000- $7,500 for new stadium seats, and $10 million from old Busch Stadium memorabilia sales