{"id":10561,"date":"2023-04-30T03:11:08","date_gmt":"2023-04-30T03:11:08","guid":{"rendered":"http:\/\/lonecandle.com\/?p=10561"},"modified":"2023-04-30T03:11:08","modified_gmt":"2023-04-30T03:11:08","slug":"minnesota-taxpayers-could-be-pillaged-for-280-million-in-vikings-stadium-upgrades","status":"publish","type":"post","link":"https:\/\/lonecandle.com\/?p=10561","title":{"rendered":"Minnesota Taxpayers Could Be Pillaged for $280 Million in Vikings’ Stadium Upgrades"},"content":{"rendered":"\n

\n\n“Taxpayers fronted nearly $500 million<\/a> for a new professional football stadium in Minneapolis that opened just seven years ago. Now, they could be on the hook for as much as $280 million more in ongoing maintenance costs over the next decade.”
…
“Another reason why these public projects so rarely “pay for themselves” is that cities often grant huge property tax breaks to the stadiums. In New York City, for example, a recent report<\/a> from the city’s Independent Budget Office found that the four major stadiums in the Big Apple\u2014Barclays Center, Citi Field, Madison Square Garden, and Yankee Stadium\u2014are exempt from roughly $377 million in annual property taxes<\/a>.<\/p>\n\n\n\n

While Madison Square Garden’s situation<\/a> is weird and unique<\/a>, the other three stadiums are exempt because they “were all built on publicly owned land that is exempt from property taxes,” according to the IBO report. But there’s nothing actually “public” about a stadium\u2014they’re not parks that anyone can visit whenever they’d like or use for a variety of purposes\u2014and cities should stop engaging in the fiction that they are.”<\/p>\n\n\n\n

…<\/p>\n\n\n\n

“Taxpayers are forced to cover stadium construction costs with the promise of economic growth that doesn’t materialize, then sometimes get hit up for ongoing maintenance costs that can’t be covered by the economic growth that didn’t materialize, and all this happens while the supposedly public stadiums are not generating property tax revenue to help offset their public costs. It’s\u00a0a bad deal<\/a>\u00a0for just about everyone\u2014except for the stadium design firms that get to decide how much extra cash taxpayers will have to pony up to maintain a facility that’s still basically brand new.”<\/p>\n\n\n\n

https:\/\/reason.com\/2023\/04\/03\/minnesota-taxpayers-could-be-pillaged-for-280-million-in-vikings-stadium-upgrades\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

“Taxpayers fronted nearly $500 million for a new professional football stadium in Minneapolis that opened just seven years ago. Now, they could be on the hook for as much as $280 million more in ongoing maintenance costs over the next decade.”<\/p>\n

…<\/p>\n

“Another reason why these public projects so rarely “pay for themselves” is that cities often grant huge property tax breaks to the stadiums. In New York City, for example, a recent report from the city’s Independent Budget Office found that the four major stadiums in the Big Apple\u2014Barclays Center, Citi Field, Madison Square Garden, and Yankee Stadium\u2014are exempt from roughly $377 million in annual property taxes.
\nWhile Madison Square Garden’s situation is weird and unique, the other three stadiums are exempt because they “were all built on publicly owned land that is exempt from property taxes,” according to the IBO report. But there’s nothing actually “public” about a stadium\u2014they’re not parks that anyone can visit whenever they’d like or use for a variety of purposes\u2014and cities should stop engaging in the fiction that they are.”<\/p>\n

…<\/p>\n

“Taxpayers are forced to cover stadium construction costs with the promise of economic growth that doesn’t materialize, then sometimes get hit up for ongoing maintenance costs that can’t be covered by the economic growth that didn’t materialize, and all this happens while the supposedly public stadiums are not generating property tax revenue to help offset their public costs. It’s a bad deal for just about everyone\u2014except for the stadium design firms that get to decide how much extra cash taxpayers will have to pony up to maintain a facility that’s still basically brand new.”<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[1597,1871,140,141],"class_list":["post-10561","post","type-post","status-publish","format-standard","hentry","category-article-share","tag-sports","tag-stadium","tag-tax","tag-taxes"],"_links":{"self":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/10561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10561"}],"version-history":[{"count":1,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/10561\/revisions"}],"predecessor-version":[{"id":10562,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/10561\/revisions\/10562"}],"wp:attachment":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}