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Don’t bring Cincinnati into this! Cincinnati learned these lessons the hard way with their stadium deals in the 90s. For the new MLS stadium being built here,
by mbreese 8y ago
Don’t bring Cincinnati into this! Cincinnati learned these lessons the hard way with their stadium deals in the 90s.
For the new MLS stadium being built here, the stadium is being privately financed. Public money is going to be used for a parking facility and other supporting infrastructure like streets, etc.
- foota 8y agoThat... Sounds like subsidizing the stadium.
- mbreese 8y agoThe city is paying for expanding general use parking in the downtown area around the stadium. It’s something that will be needed by everyone in that area, as is upgraded traffic infrastructure (lights, etc). Yes, the enhancements are needed because of the new stadium, but the benefit is not entirely to the MLS team. And these are nothing like the deals made many years ago where the city/county build stadiums for the Bengals and Reds and covered the entire cost, which is what was alluded to in the parent.
- labster 8y agoSo the profitable part is owned by the private financiers, and the city only pays for all the externalities?
- hedora 8y agoYeah, but the city doesn’t need to deal with the burden of owning the intellectual property, like the team name, etc.
- hedora 8y agoMLS has a bogus non-profit status, just like the NFL. That’s a huge subsidy. The lost property taxes on the developed stadium alone are huge