Video by Peter Lockley, edited by Christian Fuchs
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Video by Peter Lockley, edited by Christian Fuchs
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Comments (1)
Mr. Lemke:
Thank you for actually uttering the words in your video report -- with some noticeable discomfort -- about the true stadium costs in excess of $800+ million. Our DC Government officials persistently have tried to hide, obfuscate, and kite in their budgets, or outright lie about, the truth about the pathetic and naive "deal" they struck, if you can ever call an outright giveaway any kind of a seemingly negotiated "deal." Our public officials, acting as an insulated elite, and in their childlike desire for access to a few new choice box seats for their personal hob-knobbing use in yet another pro sports venue, effectively engaged in self-dealing using public money. The direct transfer of scarce public money to further enrich one private enterprise and family using public dollars is measurable and staggering, as will be the added ongoing recurring operating costs for police, Fire/EMS, traffic control, undercover & homeland security, and parking management. All to be paid 100% by the city for 80 home games and a yet-to-be-determined unspecified other event days up to an added potential 273 days where the family will keep 100% of the revenues and pay z.e.r.o. incremental costs incurred outside the gates.
Have you read the Stadium Agreement lately to refresh your memory? It's still a mind blower.
DC technically owns the property, so all the homeland security and other associated risks are retained by DC, and further blanket indemnifications are granted in toto by DC, but DC can only use its own property a mere 12 days/year for the Papal visit, etc. -- with the advance permission of the team. For the 80 home games and 273 other possible days, the family keeps all the revenues, controls the park's keys/access, collects the naming rights, and calls ALL the shots on facility use.
It's the Deal of the Century in cross-subsidy wherein DC paid nearly 98% of the build out and 100% of the other incremental ongoing ancillary impact costs. Incremental taxes net of incremental expenses will never produce a positive financial return for the city on the upfront expenditure. No such net financial returns calculation was ever produced and presented publicly by the Mayor or CFO. That was for a very good reason. What really also pays for subsidizing the upfront capital expense -- which MLB should have helped to cover rather than walk out of town with $450 million (including a staggering short-term profit of $330 million on MLB's blink-of-an-eye original mere
Play ball indeed !
Posted by DJM | March 30, 2008 2:20 PM