Hypocrisy of establishment Republicans glaringly obvious in stadium subsidies

[dcraelin]

The Cobb stadium is NOT being built with tax-exempt bonds.

Cobb County will pledge $14 million up front in transportation improvements and $10 million from the Cumberland Community Improvement District, a self-taxing commercial district overseen by local business leaders.

The county will finance the remaining $276 million by issuing revenue bonds. As for repaying those bonds, here are the bullet points. Remember, each figure is the annual cost over 30 years.
• $400,000 from a new rental car tax.
• $940,000 from the existing hotel/motel tax.
• $2,740,000 from a new hotel/motel fee in the Cumberland CID.
• $5,150,000 from a property tax increase in the CID.
• $8,670,000 in relocation of existing Cobb County property taxes.
• While the majority of Cobb County residents won't be paying any additional taxes to fund the Braves' stadium, a large amount of their existing tax payments will cover for the costs.
• Because there are no new taxes here outside of the self-taxing CID, the County Commission can approve the proposal without a countywide referendum.

I can almost 100% guarantee that the "revenue" bonds are tax-exempt, that is how these parasites operate. Also if the"revenues" (i.e. taxes) cant pay off the debt there are probably provisions that come after the county's general fund.

My guess is that the so called "community Improvement District" is a type of TIF district, a type of subsidy dreamt up in California and finally rejected there after years of abuse. Part of their usefulness to crooks in local governments is that they mask the very real debt load on the taxpayers and also, thru legal chicanery, help avoid referendums of projects manipulators fear will lose.

This is what a revenue bond is, and the fact that the Federal govenment doesn't get a cut is a plus. They may even be exempt from state taxes, which would be another plus.

Revenue bonds: Principal and interest are secured by revenues derived from tolls, charges or rents from the facility built with the proceeds of the bond issue. Public projects financed by revenue bonds include toll roads, bridges, airports, water and sewage treatment facilities, hospitals and subsidized housing. Many of these bonds are issued by special authorities created for that particular purpose.

You may notice that because of the location of the stadium near the Cumberland Mall complex, there will be a much larger demand for rental cars and hotel rooms when the Braves have their games. Those are sources of taxes that will pay for the bonds.

"This is what a revenue bond is, and the fact that the Federal govenment doesn't get a cut is a plus."

You must have studied up a bit after making this statement "The Cobb stadium is NOT being built with tax-exempt municipal bonds that are then sold to investors. They are issuing revenue bonds as explained below. "

The fact that the Federal government doesn't get a cut means that pressure to raise YOUR federal taxes goes up, or the burden on your grandchildren does.

Your definition of revenue bonds leaves out the taxes that your post said were going to be used to pay off the bonds. The definition is how revenue bonds SHOULD be structured, and were assumed to be structured to bypass referendums. The only revenues that should be used to pay off the bonds are ticket sales to braves games.

 

[Dot Com]

the conservative way= privatize gains & socialize losses.

 

[bripat9643]

the conservative way= privatize gains & socialize losses.

What do you call what Obama did when he bailed out GM?

 

[TooTall]

I can almost 100% guarantee that the "revenue" bonds are tax-exempt, that is how these parasites operate. Also if the"revenues" (i.e. taxes) cant pay off the debt there are probably provisions that come after the county's general fund.

My guess is that the so called "community Improvement District" is a type of TIF district, a type of subsidy dreamt up in California and finally rejected there after years of abuse. Part of their usefulness to crooks in local governments is that they mask the very real debt load on the taxpayers and also, thru legal chicanery, help avoid referendums of projects manipulators fear will lose.

This is what a revenue bond is, and the fact that the Federal govenment doesn't get a cut is a plus. They may even be exempt from state taxes, which would be another plus.

Revenue bonds: Principal and interest are secured by revenues derived from tolls, charges or rents from the facility built with the proceeds of the bond issue. Public projects financed by revenue bonds include toll roads, bridges, airports, water and sewage treatment facilities, hospitals and subsidized housing. Many of these bonds are issued by special authorities created for that particular purpose.

You may notice that because of the location of the stadium near the Cumberland Mall complex, there will be a much larger demand for rental cars and hotel rooms when the Braves have their games. Those are sources of taxes that will pay for the bonds.

"This is what a revenue bond is, and the fact that the Federal govenment doesn't get a cut is a plus."

You must have studied up a bit after making this statement "The Cobb stadium is NOT being built with tax-exempt municipal bonds that are then sold to investors. They are issuing revenue bonds as explained below. "

The fact that the Federal government doesn't get a cut means that pressure to raise YOUR federal taxes goes up, or the burden on your grandchildren does.

Your definition of revenue bonds leaves out the taxes that your post said were going to be used to pay off the bonds. The definition is how revenue bonds SHOULD be structured, and were assumed to be structured to bypass referendums. The only revenues that should be used to pay off the bonds are ticket sales to braves games.

Federal taxes don't need to go up if the Federal government cuts spending. For every $1.00 they take from the taxpayer they spend $1.25. Don't feed the beast!

It is not MY definition of revenue bonds, it is THE definition of revenue bonds. Good luck changing the way states, counties and cities all over the US raise revenue to finance infrastructure. That ain't gonna happen and you are grasping to think it is.

 

[Wildman]

Great how they have insufficient money for teachers but plenty of cash for an unnecessary sports stadium. Awesome display of conservative values.

why is there money needed for teachers, all across the country schools are being closed because there were too many built in the first place, the tax base couldn't support them so they are closing them, awesome display of liberal values, e.g., "we need more schools"

 

[Wildman]

Atlanta's Turner Field Is Dying -- And American Sanity Is Dying With It | Will Bunch

Hypocrisy of establishment Republicans glaringly obvious in the latest parasitical move by a pro-sport franchise.

You wonder how many of these frauds are getting some sort of kickback.

the Brave's current stadium is less than 20 years old. They couldn't get 200+million in overpriced idiotic "improvements" they wanted from Atlanta so they went to a more submissive group, the Republican controlled commission of Cobb County where they will get 450 million in subsidies. The lone Democrat on the commission was the only one to act halfway responsible and voted to give the decision more time for voters to discover what a rip-off it is.

What exactly is your issue here? Do you need a clean tampon?

a diaper change would be more appropriate ... ... ... ... ... ... ...

 

[ClosedCaption]

the conservative way= privatize gains & socialize losses.

What do you call what Obama did when he bailed out GM?

What do you call it? Then what do you call stadium subsidies?

 

[dcraelin]

here is an article that shows that the promises generally made on stadiums and "economic development" are just hot air.

Cincinnati Stadiums Bury County Government in Debt - Bloomberg


and here is another specifically on the cobb co fiasco

http://www.forbes.com/sites/taxanal...re/?utm_source=twitterfeed&utm_medium=twitter

 

[1776]

Dipshit....Ted Turner is a flaming lib like you.

Oh, as for using taxpayer funds to support the public good of jobs provided by sports franchises and the economic effects that support the city and state where that pro team resides....far exceeds twits like you claiming that money is better spent on welfare projects for you crackheads.

Atlanta's Turner Field Is Dying -- And American Sanity Is Dying With It | Will Bunch

Hypocrisy of establishment Republicans glaringly obvious in the latest parasitical move by a pro-sport franchise.

You wonder how many of these frauds are getting some sort of kickback.

the Brave's current stadium is less than 20 years old. They couldn't get 200+million in overpriced idiotic "improvements" they wanted from Atlanta so they went to a more submissive group, the Republican controlled commission of Cobb County where they will get 450 million in subsidies. The lone Democrat on the commission was the only one to act halfway responsible and voted to give the decision more time for voters to discover what a rip-off it is.

 

[TooTall]

here is an article that shows that the promises generally made on stadiums and "economic development" are just hot air.

Cincinnati Stadiums Bury County Government in Debt - Bloomberg


and here is another specifically on the cobb co fiasco

The Atlanta Braves And Insane Corporate Welfare - Forbes

The Mayors that got the stadiums built in Cincinnati and Indianapolis were, are you ready for this, DEMOCRATS! Are you prepared to change your partisan rant about Republicans?

I will now read the article you linked on the Cobb County stadium deal.

 

[1776]

The money invested in these arenas/stadiums does stimulate the local economy, a perfect example of this is the new Busch Stadium in downtown St Louis. It has sellout crowds almost every game which means people buying food and drinks around the stadium, gas getting to/from the stadium, parking fees, hotel costs, etc.

A big city with a bad sports team and a rundown stadium isn't going to lure in fans which spend millions each year downtown. So let's see.....a city loses millions in tax revenue because local businesses don't get customers and the downtown becomes a wasteland. Sounds like something liberals support...

 

[candycorn]

Great how they have insufficient money for teachers but plenty of cash for an unnecessary sports stadium. Awesome display of conservative values.

Underpaying teachers is a conservative value....what are you talking about?

 

[TooTall]

here is an article that shows that the promises generally made on stadiums and "economic development" are just hot air.

Cincinnati Stadiums Bury County Government in Debt - Bloomberg


and here is another specifically on the cobb co fiasco

The Atlanta Braves And Insane Corporate Welfare - Forbes

I read the opinion piece by David Brunori and then considered the source. No facts, just hype.

Jan 19, 2012 -

My friend David Brunori announced this week that he is no longer a “liberal” but a libertarian, although he says of the “bleeding heart” variety.

 

[candycorn]

And the biggest welfare subsidy of all -

 

[TooTall]

Great how they have insufficient money for teachers but plenty of cash for an unnecessary sports stadium. Awesome display of conservative values.

Underpaying teachers is a conservative value....what are you talking about?

Would higher pay get them to do a better job educating the children? From what I read they aren't doing a very good job.

 

[1776]

Uh idiot, our teachers in this country are making more than most countries you use as a measuring stick.

Using taxpayer money to provide everyone in the city a top notch places to see their favorite sports team is more equitable than funneling that money to only your union goons...especially teacher unions that demand a $10,000 payment to a teacher thrown in jail for raping a male student.

Great how they have insufficient money for teachers but plenty of cash for an unnecessary sports stadium. Awesome display of conservative values.

Underpaying teachers is a conservative value....what are you talking about?

 

[Toro]

Uh idiot, our teachers in this country are making more than most countries you use as a measuring stick.

Or not.

For each participating nation, OECD calculated the ratio of the average salaries of teachers with 15 years' experience to the average earnings of full-time workers with a college degree. The U.S. ranked 22nd out of 27 countries on this measure. In the U.S., teachers earned less than 60% of the average pay for full-time college-educated workers. In many other countries, teachers earn between 80% and 100% of the college-educated average.

Jack Jennings: Teacher Pay: U.S. Ranks 22nd Out Of 27 Countries
http://www2.ed.gov/about/inits/ed/internationaled/background.pdf

Using taxpayer money to provide everyone in the city a top notch places to see their favorite sports team is more equitable than funneling that money to only your union goons...especially teacher unions that demand a $10,000 payment to a teacher thrown in jail for raping a male student.

^^^^^^^^^
Sports socialist.

 

[1776]

Why are you showing a football team in Canada and a soccer team in England????

Uh, comparing US "teachers" to other college graduates is a joke...many times they aren't doing high tech, high pressure jobs like other college grads. Those first graders aren't going to give that 25 year old blonde teacher a heart attack.

I'm far from being a socialist but I understand the economic impact of a sports arena/stadium for a city....like say Regina. I've been there, the stadium is pretty much it.

Uh idiot, our teachers in this country are making more than most countries you use as a measuring stick.

Or not.

For each participating nation, OECD calculated the ratio of the average salaries of teachers with 15 years' experience to the average earnings of full-time workers with a college degree. The U.S. ranked 22nd out of 27 countries on this measure. In the U.S., teachers earned less than 60% of the average pay for full-time college-educated workers. In many other countries, teachers earn between 80% and 100% of the college-educated average.

Jack Jennings: Teacher Pay: U.S. Ranks 22nd Out Of 27 Countries
http://www2.ed.gov/about/inits/ed/internationaled/background.pdf

Using taxpayer money to provide everyone in the city a top notch places to see their favorite sports team is more equitable than funneling that money to only your union goons...especially teacher unions that demand a $10,000 payment to a teacher thrown in jail for raping a male student.

^^^^^^^^^
Sports socialist.

 

[Toro]

Why are you showing a football team in Canada and a soccer team in England????

Because both teams are FUCKING AWESOME!

Uh, comparing US "teachers" to other college graduates is a joke...many times they aren't doing high tech, high pressure jobs like other college grads. Those first graders aren't going to give that 25 year old blonde teacher a heart attack.

Comparing teachers relative to other college educated individuals normalizes salaries across different countries.

I'm far from being a socialist but I understand the economic impact of a sports arena/stadium for a city....like say Regina. I've been there, the stadium is pretty much it.

Yeah, Regina sucks. But according to empirical analysis, the economic impact of stadia is mixed at best, and are boondoggles at worst.

 

[1776]

Uh, your QB played at my undergrad alma mater....and Man U has more titles than Liverpool.

Rooney....Rooney....Rooney.

Why are you showing a football team in Canada and a soccer team in England????

Because both teams are FUCKING AWESOME!

Uh, comparing US "teachers" to other college graduates is a joke...many times they aren't doing high tech, high pressure jobs like other college grads. Those first graders aren't going to give that 25 year old blonde teacher a heart attack.

Comparing teachers relative to other college educated individuals normalizes salaries across different countries.

I'm far from being a socialist but I understand the economic impact of a sports arena/stadium for a city....like say Regina. I've been there, the stadium is pretty much it.

Yeah, Regina sucks. But according to empirical analysis, the economic impact of stadia is mixed at best, and are boondoggles at worst.