San Diego's AAA affiliate Portland Beavers are trying to build a new stadium. The owners want Portland tax payers to pay for 59% of the $59 million total cost or approximately $35 million.
Proponents say that taxes would only increase $50 a year for each resident.
Opponents say that numbers do not include a $37.5 million parking lot that would also need to be built. Not only that but the city would have to take a $43.5 million bond over 25 years which in the end would bring the cost over $100 million. So the total would be $140 million plus a half a million a year for maintenance and oversight.
They say Ballparks only redistribute wealth instead of bringing economic development. They point to San Diego's Petco Park as an example of the failure.
"The San Diego ballpark is obviously one of [pro sports’] worst outcomes," says Stanford’s Noll. "The problem is that these things get sold on the basis of economic return. It is completely bogus. If people think of it as consumption instead of investment,"
There's a 38 page Stanford Graduate Business School case study floating around that says "a win for all involved — the City, San Diego taxpayers, and the Padres."
Opponents say that the case study was written before attendance dropped below the last 3 year average at Qualcomm and that hotels and condos are not doing well.
Who to believe?