SBD/8/Facilities Venues


     The "building binge" of sports facilities was examined by
ABC's John Martin on last night's "World News Tonight." Martin
examined how tax-free bonds paying for stadiums end up costing
taxpayers millions of dollars.  U.S. Sen. Pat Moynihan (D-NY):
"The Treasury loses $50 million a year and rising, because these
are tax exempt bonds even though they are used for a private
commercial purpose."  Martin cites projects and the "lost taxes
over life of the bonds," including the Georgia Dome, where the
U.S. treasury lost $141M in taxes the life of the bond; the
Ravens new stadium, $40M; Gator Bowl, $39M.  Frank Shafroth of
the Nat'l League of Cities said, "In some cases a stadium appears
to do more to ... make a city a live, vibrant place, than
subsidizing a steel factory or a prison or something else."
Moynihan: "If you build a stadium, you don't build a school.
Indeed, you don't build 50 schools."  With nearly 40 public
sports facilities planned in the coming decade the loss to the
U.S. Treasury over 30 years could hit $1B (ABC, 10/7).
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