There is no comparison between the city putting money into the Smith Center as opposed to the soccer stadium. First of all, private citizens donated - gave - their own money to the Smith Center, something otherwise known as philanthropy. Also, the Smith Center is a non-profit. There was a need for a center like this and there is a paid event somewhere there almost every night of the week.
On the other hand, as for the private companies involved, the soccer stadium is 100% a for-profit venture. How much money are Cordish and Findlay "donating" to this venture? That's easy - a big goose egg. Their exposure is in the form of a soccer team which is a far better investment than a stadium. If the team doesn't draw the necessary interest, the owners have the option to either move the team to another city or sell it. What are they going to do with a stadium which requires enormous and constant outlays of money? If the stadium is such a good idea, then they shouldn't have any problem securing private equity financing.
This whole stadium thing is a bad joke that doesn't seem to end. The city pushes it because they want another monument in their names built, of course, with other people's money. Of course, the city can get cheaper financing because it has a pretty much endless pool of money. They don't have to make a profit. If they run out of money, just raise taxes. If someone needs an increase in pay and benefits, a bonus, just raise taxes. If the city, or any government, had to show a profit to eat, they'd starve.
Rest assured, the private parties involved in this stadium fiasco are salivating over the ten's of millions of dollars they stand to make because otherwise they wouldn't push this. God, I'm sick of hearing about a stadium. If Cordish and Findlay want a stadium so badly and think it's such a great idea, you have to ask why they don't find private equity money.
There is no comparison between the city putting money into the Smith Center as opposed to the soccer stadium. First of all, private citizens donated - gave - their own money to the Smith Center, something otherwise known as philanthropy. Also, the Smith Center is a non-profit. There was a need for a center like this and there is a paid event somewhere there almost every night of the week.
On the other hand, as for the private companies involved, the soccer stadium is 100% a for-profit venture. How much money are Cordish and Findlay "donating" to this venture? That's easy - a big goose egg. Their exposure is in the form of a soccer team which is a far better investment than a stadium. If the team doesn't draw the necessary interest, the owners have the option to either move the team to another city or sell it. What are they going to do with a stadium which requires enormous and constant outlays of money? If the stadium is such a good idea, then they shouldn't have any problem securing private equity financing.
This whole stadium thing is a bad joke that doesn't seem to end. The city pushes it because they want another monument in their names built, of course, with other people's money. Of course, the city can get cheaper financing because it has a pretty much endless pool of money. They don't have to make a profit. If they run out of money, just raise taxes. If someone needs an increase in pay and benefits, a bonus, just raise taxes. If the city, or any government, had to show a profit to eat, they'd starve.
Rest assured, the private parties involved in this stadium fiasco are salivating over the ten's of millions of dollars they stand to make because otherwise they wouldn't push this. God, I'm sick of hearing about a stadium. If Cordish and Findlay want a stadium so badly and think it's such a great idea, you have to ask why they don't find private equity money.