This is an archived version of a Field of Schemes article. Comments on this page are closed. To find the current version of the article with updated comments, click here.
August 25, 2009
Cincy stadium fund running $13m a year in red
Hamilton County, Ohio, is now projecting that its stadium fund will run a $13.2 million deficit for the year 2010 if tax revenues dip by a mere two percent, an amount that might be conservative in light of hard times. Commissioners are hoping to get concessions from the Cincinnati Reds and Bengals [ed. note: Good luck with that], and/or cuts from the Cincinnati Public Schools to close the gap.
Long before Bernie Madoff, Hamilton County Commissioners and insiders in the Cincinnati area knew that a day of reckoning would come as bills for the two stadiums came due. In 2004, County Commissioner Phil Heimlich called the stadium debt a "fiscal time bomb," suggesting service cuts may be needed in the future.
Since schools have a tougher time threatening to relocate, the smart money on who will make the most concessions might be placed on education. The county could roll back property tax relief, but the commissioners argue that would be "the last option they will consider."
One possible way to close the gap might be to offer naming rights to someone for the Bengals' stadium, something that Bengals owner Mike Brown bypassed so that he could put his Dad's name on the new facility. Betting that the taxpayers of Hamilton County will be able to benefit from naming rights revenue might be as unwise as betting on Cincinnati Reds games if you were a local legend.
"In 2004, County Commissioner Phil Heimlich called the stadium debt a "fiscal time bomb," suggesting service cuts may be needed in the future."
Yet these MORON politicians continue to throw taxpayer money at fatcat sports owners when evidence continually points to the FACT that their is ZERO economic benefit to the municipalities that throw money at these sports owners.
When the "fiscal timebomb" goes off, the ONLY thing you will get from the Bengals et al. is an extended middle finger.
In Chicago, U of Chicago sports economist Allen Sanderson was on a local PBS Chicago discussion on the 2016 Chicago Olympic bid discussing the fact that a "good thing" would be the city of Chicago "breaking even" financially...while the 2016 Chair (and former Aon CEO) Pat Ryan & Mayor Daley insist that MILLIONS will be made in profit.
The citizens of Chicago? An afterthought. Deficits and cut-backs in city service continue...Daley tells all "sacrifices" need to be made while simultaneously committing AT LEAST $500 million (thus far) to a 2016 Olympics bid for Chicago...
The fiscal time bomb that would be a 2016 awarding of the Olympics to Chicago has begun ticking...
Posted by Daniel M on August 26, 2009 09:35 AM
"In 2004, County Commissioner Phil Heimlich called the stadium debt a "fiscal time bomb," suggesting service cuts may be needed in the future."
Yet these MORON politicians continue to throw taxpayer money at fatcat sports owners when evidence continually points to the FACT that their is ZERO economic benefit to the municipalities that throw money at these sports owners.
When the "fiscal timebomb" goes off, the ONLY thing you will get from the Bengals et al. is an extended middle finger.
In Chicago, U of Chicago sports economist Allen Sanderson was on a local PBS Chicago discussion on the 2016 Chicago Olympic bid discussing the fact that a "good thing" would be the city of Chicago "breaking even" financially...while the 2016 Chair (and former Aon CEO) Pat Ryan & Mayor Daley insist that MILLIONS will be made in profit.
The citizens of Chicago? An afterthought. Deficits and cut-backs in city service continue...Daley tells all "sacrifices" need to be made while simultaneously committing AT LEAST $500 million (thus far) to a 2016 Olympics bid for Chicago...
The fiscal time bomb that would be a 2016 awarding of the Olympics to Chicago has begun ticking...
Posted by Daniel M on August 26, 2009 09:35 AM
Thanks Neil, for posting this. The people of Santa Clara should take note, lest we end up taking a financial bath for the 49ers stadium. Our mayor and the majority of our city council members are ignoring the financial risks of the Santa Clara stadium project, in which 114 million in a direct public subsidy would be added to 330 million in bond debt, to be paid for by naming rights and personal seat licenses (how well did that work out for Oakland?)
Posted by Santa Clara Taxpayer on August 26, 2009 11:32 PM