Originally Posted by infantrycak
Each deal needs to be examined individually and I think y'all are unfairly presenting the process.
First off these deals are all approved through the local rules and/or populace. But y'all are acting like the city takes a big fat check over to McNair, hands it to him and says hope you make another billion, we don't expect anything in return. The cities are partners in these deals. They sit down with all the other potential partners/investors, let McNair pitch them that it would be a mutually beneficial relationship and then if they judge it would be, partner up with him.
Why don't we do that for large manufacturing companies that actually bring jobs to the city? We could finance their buildings for them, give tax breaks and whatever else they need to ensure a 30 year lease and prosperity for the area?
The point is that taxpayers should not be "partners" in entertainment complexes that only serve to enrich the owners and entertainers.
How much do we still owe on the Astrodome while we contemplate tearing it down...at taxpayers' expense?
Our public funds are better served in other areas. Schools, infrastructure, luring large businesses to our city to provide jobs and related support companies.
We can agree to disagree, but in end, if stadiums were such a great idea, private money would build them. But owners know they will not reap the same rewards as they could if they convince cities that their fate is directly related to professional sports.
Please tell me how the following is a good idea:
Billionaire Gets New Sports Arena in Bankrupt Detroit
The headline juxtaposition boggles the mind. You have, on one day, “Detroit Files Largest Municipal Bankruptcy in History.” Then on the next, you have “Detroit Plans to Pay For New Red Wings Hockey Arena Despite Bankruptcy.”
Yes, the very week Michigan Governor Rick Snyder granted a state-appointed emergency manager’s request to declare the Motor City bankrupt, the Tea Party governor gave a big thumbs-up to a plan for a new $650 million Detroit Red Wings hockey arena. Almost half of that $650 million will be paid with public funds.
This is actually happening. City services are being cut to the bone. Fighting fires, emergency medical care and trash collection are now precarious operations. Retired municipal workers will have their $19,000 in annual pensions dramatically slashed. Even the artwork in the city art museum will be sold off piece by piece. This will include a mural by the great radical artist Diego Rivera that’s a celebration of what the auto industry would look like in a socialist future. As Stephen Colbert said, the leading bidder will be “the museum of irony.”
They don’t have money to keep the art on the walls. They do have $283 million to subsidize a new arena for Red Wings owner and founder of America’s worst pizza-pizza chain, Little Caesar’s, Mike Ilitch, whose family is worth $2.7 billion dollars. (“Friends! Romans! Countrymen! Lend me your pensions!”)