All articles tagged with #public financing
Kansas Governor Laura Kelly announced that the Kansas City Chiefs will build a new $3 billion stadium in Wyandotte County, Kansas, financed largely through public funds, with the team renting the stadium rather than owning it, and a 30-year non-relocation agreement in place.
The Cleveland Browns are planning to build a new indoor stadium in Brook Park, Ohio, with a projected cost of $2.4 billion, aiming to open by 2029. The deal involves a mix of private funding, state unclaimed funds, and local taxes, with ongoing negotiations with the city of Cleveland and Brook Park. The stadium will have a capacity of 67,500, host major events like soccer and basketball tournaments, and include significant surrounding development. Key issues remaining include finalizing agreements with local governments and securing funding for maintenance and traffic improvements.
The Cleveland Browns have unveiled plans for a new stadium in Brook Park, which will be surrounded by two upscale hotels, 1,100 apartments, retail spaces, and 500,000 square feet of office space. The project is in collaboration with Lincoln Property Company, known for similar developments near NFL stadiums. However, details on public financing for the project remain unclear.
The Tampa Bay Rays' plans for a new stadium in St. Petersburg's Gas Plant district are uncertain after local officials postponed bond votes needed for public financing. Owner Stuart Sternberg criticized the delay, hinting at possible relocation, though MLB Commissioner Rob Manfred reaffirmed commitment to Tampa Bay fans. The delay, partly due to recent hurricanes and changes in the county council, has pushed the decision to at least December 17. The Rays will play at George M. Steinbrenner Field in Tampa next season, with a long-term plan needed by the end of 2025.
The Tampa Bay Rays have halted their current stadium deal with Pinellas County due to delays in finalizing bond financing, which has made a 2028 stadium opening impossible. The team, responsible for $700 million of the $1.3 billion project, is open to negotiating a new solution to keep Major League Baseball in Tampa Bay. The delay in bond votes, influenced by recent elections and concerns over temporary playing locations, has led to a potential anti-stadium majority in the county commission.
The Chicago Bears' proposal for a new publicly owned domed stadium on Chicago's lakefront has sparked excitement among fans but raised concerns and opposition from various corners, including historical landmark advocates and open space proponents. The lack of specific details on public funding and the unresolved issue of taxpayer dollars from the previous Soldier Field renovation have added to the uncertainty. While the mayor welcomes the proposal, opposition from organizations and state leaders, as well as the potential impact on public finances, make the future of the stadium plan far from certain.
White Sox owner Jerry Reinsdorf is seeking to create a taxing district to capture $400 million in state sales tax revenue to help fund the proposed new stadium at The 78, with the bonds backed by the existing statewide 2% hotel tax. Critics question the need for public financing of a $2 billion sports franchise's new stadium, especially given the pressing issues facing the city and state, and urge lawmakers and the governor to prioritize taxpayers' needs over subsidizing the stadium.
The debate over public financing for sports stadiums continues as the Oakland A's seek to move to Las Vegas with the help of $380 million in taxpayer funding, despite criticism of the financial return on such investments. Critics argue that publicly financed stadiums often fail to generate significant revenue and can burden taxpayers for years, as seen in examples like the Kingdome and Meadowlands complex. Opponents in Nevada, including the Nevada State Education Association, are challenging the constitutionality of the A's stadium project and advocating for a voter initiative, while supporters like Jorge Leon continue to push for alternative solutions to keep the team in Oakland.
Gov. Joe Lombardo signed a bill establishing a public financing package of up to $380 million to help fund a proposed $1.5 billion, 30,000-seat baseball stadium in Las Vegas to serve as the new home of Major League Baseball’s Oakland A’s. The A’s still face hurdles in their path forward moving from Oakland to Las Vegas, including receiving approval from other major league owners for relocating as well as securing at least $1.1 billion in private capital to finance the construction of the ballpark.
The Nevada Senate has passed the A's stadium bill, which could approve up to $380 million in public dollars to help construct a new Major League Baseball stadium on the Las Vegas Strip. The bill includes up to $180 million in transferable tax credits from the state and a projected $120 million in county bonds, which would be repaid over 30 years by the tax revenues generated by the stadium. The bill now goes to the Assembly for consideration.
Two amendments to the A's stadium bill have been proposed, which would restrict the stadium's location to the Tropicana Las Vegas site, expand the scope of the team's community benefits agreement, speed up the distribution of certain excess revenue into a homelessness prevention fund, and revive two bills vetoed earlier this month by Gov. Joe Lombardo. The amendments could potentially open a path forward for the stadium bill for skeptical lawmakers who had criticized the measure. The bill proposes up to $380 million in public financing for the stadium.
The Oakland A's have not disclosed how they will finance their $1.1 billion portion of the proposed $1.5 billion stadium on the Las Vegas Strip. The team is working with Goldman Sachs on a combination of debt and equity financing, but the full private funding details won't be completed until after legislation authorizing up to $380 million in public financing is approved. The A's contribution was not explained during two legislative hearings, but the team is required to have "irrevocable financing in place" before Clark County issues development bonds for the stadium.
The Las Vegas Review-Journal, owned by a shell company created by late Republican billionaire Sheldon Adelson, published an editorial supporting public financing for the A's stadium project. Nevada political analyst Jon Ralston believes the A's have powerful support, despite state legislators' criticism during a special session. The A's have the backing of Nevada's Republican governor and a good chunk of Republican legislators. The team's executives faced tough questioning during the session, but the A's deal's supporters remain undeterred.
Nevada lawmakers are considering a public financing package of up to $380m for the proposed Oakland A’s baseball stadium in Las Vegas, with a number of lawmakers expressing opposition to the proposal. The A’s could receive a package of $180m in transferable tax credits and upward of $120m in Clark County-issued bonds. Those funds would support development of the $1.5bn, 30,000-seat stadium the A’s are seeking to build at the site of the Tropicana on the Las Vegas Strip, with the team required to put forward more than $1.1bn for construction.
Nevada Governor Joe Lombardo has called for a second consecutive special session to discuss a $380m public financing package to help fund a proposed Las Vegas stadium project for the Oakland A’s. The governor did not list any specific reasons for convening a second special session, which typically accompany such proclamations. Lombardo’s office has pushed for the bill, heralding it as an opportunity to spur job creation and tourism in Southern Nevada.