credit report copy request time barred debt credit report working tax credit a dsi mortgage credit repair kit tri bureau credit report fair credit reporting act 1970 form identity theft report online in florida free triple karma credit report log in online order free annual credit reports consumer report best travel credit card free credit report gov canada agency order free credit reports canada define federal fair credit reporting act credit lawyers who repair credit reports the only free credit report website how to clean up your credit report free every months free credit report online no credit card needed membership big three credit reporting bureaus payday loans online direct lenders only does mean my credit report account charged off negative information credit report view credit report online instantly how do i get a free credit report if i have been denied credit fcra order credit report canada new free credit report commercial 2010 band how to cancel free credit report .com sign all 3 free credit report and scores how to get something negative removed from your credit report what is credit muslim history in india legitimate place get credit report alaska usa federal credit union annual report credit reporting agencies disputes federal government annual free credit report credit report dispute letter experian free business my free credit report and score credit repair pain specialist charleston sc annual credit free report instant online payday loans no faxing all three credit reports and scores for free free tri merge credit report scores free government credit report and score order my credit report by mail how to remove charge offs from credit report credit report for free mortgage with credit score of 620 credit repair group garden grove california what does authorized user mean on credit report my 3 credit reports different long does serious delinquency stay your credit report best place to get credit report in canada how to get a paid collection item off a credit report can personal responsibility affect credit report how do youtube get your free credit report from equifax experian credit report request form family tax credit a free credit report vs free credit score commercials fair credit reporting act dispute how do i remove collections from my credit report how do i contest my credit report how much does it cost to run a credit report on a tenant get free credit report all 3 agencies equifax annual free credit report score collections credit report long credit bureau reports definition installment plan irs credit report credit cards for bad credit that report to credit bureaus can employer check credit report all in one credit report can company run credit report without permission credit report without membership information death credit reporting agency free annual free credit report cleaning credit report order free credit report equifax too many credit inquiries on credit report get all three credit bureau reports bankruptcy report to creditors how to cancel my credit report account read credit report payment history prepaid debit cards that report to credit agencies one time credit report and fico score how to fix your bad credit report view credit report for free without credit card what is a consumer statement on a credit report there any way actually get free credit report how to get my credit score to 800 free credit report and score band debt collection reporting to credit bureau credit repair certification lpn programs in tampa florida free credit report equifax experian transunion get free credit report canada online no credit card the credit report loophole easy credit professional computer repair tool kit free annual credit report for experian free credit report 360 credit card settlement effect on credit report does capital one report credit limits 2010 government official credit report site free credit report without free trial long does take repair credit report been denied credit free report entitled consumer credit report protection act where to get a free credit report annually dispute something on credit report credit report and background check for employment should i report stolen credit card to police find out what;s your credit report three credit report score how to dispute inaccuracies on credit report transunion 3in1 credit report experian free credit report number how to fix credit report how often are you entitled to receive a free copy of your credit report collection debt credit report obtain credit report for free bank of america credit reporting department free credit report gov uk pay how do you order a free credit report how to remove collections from credit report can small business report credit bureau ordering credit reports for tenants consumer credit protection act south africa add rental history credit report access credit report online is chexsystems a credit reporting agency credit cards reporting to credit bureau free credit scores reports no credit card most accurate free credit report triple score credit report free td bank report lost credit card hidden credit repair farmville secrets ebook top three credit report agencies top ten reporting bad credit agencies free report uk equifax low credit understanding my credit report best place for free credit reports how do i order a credit report how do i get all three credit reports free citi credit card report stolen dun bradstreet credit reports credit reports computed civil judgement credit report remove long does take eviction show your credit report credit report 3 bureaus one time totally free credit report once a year consumer cheap personal loan credit union how can i get a copy of my credit report for free three credit report one is it possible to remove charge off from credit report how to remove incorrect information from credit report credit report repair forms how to request my credit report by mail view credit report transunion again free 3 bureau credit report no credit card rent how to get free credit report once a year financial how to freeze your credit report online when can a chapter 7 bankruptcy be removed from credit report credit suisse report india does negative information fall off credit report what do lenders see on my credit report review annual credit report inaccurate credit reporting lawsuit is my credit score hurt when i check my credit report the real free credit report annual sovereign bank credit report what is a derogatory public record on a credit report credit report date last activity how to run a credit report on a potential renter credit report monitoring reviews does kd mean experian credit report credit rating reports canada fair credit reporting act consumer report employment experian credit reporting company annual credit report form pdf how does one really get your free credit report write credit report personal statement who can request a credit report how do i remove late payments from my credit report lexisnexis fair credit reporting act consumer debt report credit matters what is a tax lien on credit report access annual credit report outside us credit report official site fair credit reporting act dispute procedures how to cancel free credit report com service eviction credit report credit reports equifax transunion dispute letter for credit report sample credit reporting agencies dispute address how to remove a collection agency from your credit report one time free credit report check free credit report on tenants yearly credit report 2012 free copy your free once year credit report credit report services for landlords paid collection on credit report free us gov credit report legit guaranteed money loans online why was the fair credit reporting act of 1970 created do credit reporting agencies get their information average credit good credit score for mortgage loan how can i get a public record off my credit report do landlords check credit reports credit repair scam through claim of id theft cash advance today orem utah newspaper free credit report mn how do you get a credit report on someone where is the free credit report annual when do defaults get removed from credit report view credit report without credit card how do i get a free credit card report how often can i get free credit report short sale vs foreclosure credit report definition free consumer reports fair credit reporting act wells fargo customer free credit report equifax answers correct credit report errors copy of my credit report for free how to cancel free credit report account how to get bad credit removed from your report foreclosure how long on credit report get free credit report united states get free credit report landlord remove charge off from credit report how to update credit report after bankruptcy most accurate credit report foreclosure credit report after bankruptcy best credit reporting agency for landlords free us credit report government long will chapter 13 my credit report dispute credit report items online how to obtain my credit reports nco national credit reporting services dispute charge offs your credit report how can i check on my deceased mother;s credit report how to find my credit report for free how long to clear credit report after paying collection agency credit report addresses dispute credit report monitoring companies check my credit score free charge write off bad debt credit report what are the lyrics to the free credit report commercial band plays free credit report commercials free credit report every year every 12 months soft pull credit report how long can a collection account stay on your credit report credit reporting agency fair credit reporting act under section address for equifax credit reporting agency free credit report georgia equifax does citibank report all 3 credit bureaus phone number for annual credit report ftc credit report disclosure free annual who are the guys in the free credit report commercial saw credit score reports government christian credit repair companies in texas free credit reports bureaus better credit report how long does it take to rebuild my credit score any real free credit reports how long does it take for a short sale to show up on your credit report report bad credit card company credit rating scale chart report lost stolen american express credit card how do i get charge offs removed from credit report experian credit report free copy car finance with bad credit history uk credit help report can you sue for wrong information on credit report credit reporting time limit uk give yourself some credit understanding your credit report free full credit report no credit card equifax credit reports codes transunion free credit report california citi credit reporting department how to cancel your free credit report .com account credit report errors pirg credit credit free vin history report canada what is the free credit report song all 3 credit reports fico score how to free credit reports online instantly how to remove paid-off collection accounts from credit report free credit report no trial how to remove a default judgement from credit report where can i get my credit report and score fair credit reporting act form disclosure credit report america phone number how to remove disputes from credit report get free credit report online without using credit card credit report clark howard 360 free credit report where can i get free credit report yahoo most current credit report how do you check your credit report canada best place get your report free annual credit i want to check my how do i check my credit report for free free credit check report uk cancel mni credit report services name band free credit report commercial how to get free credit report by mail first report on the public credit alexander hamilton has best report service credit score bankruptcy dismissal and credit report consumer credit reports for businesses how long does a judgement stay on my credit report where do i get my free annual credit report and score all three credit score report first community credit union credit report obtaining a free report in canada credit rating cease and desist letter to creditors template kd on credit report what does that mean teachers federal credit union credit report credit card company doesn;t report credit limit remove old debt off credit report federal reserve se july 2011 report on consumer credit free credit report irs gov phone numbers telephone numbers get copy your credit report canada bad credit loan companies in wv my credit report score free false information on credit report removal bad debt credit report credit report federal trade commision free credit reports in georgia 3 bureau credit reports scores most reliable credit reports best cashback credit cards consumer reports phone numbers for credit report companies what does government mandated mean free annual credit report reporting free rental history check credit report 3 credit scores report free credit report canada online equifax what is the federal fair credit reporting act fcra paying debt not on credit report secured credit card reports monthly does derogatory status mean credit report security freeze on equifax credit report natwest credit card protection free credit report equifax no credit card obtaining credit report online run a credit report on a tenant certified credit report payday loan copies my credit reports how to get a medical collection off your credit report advance america cash advance locations fl credit report 100 word statement credit report free us government free credit report equifax canada online report illegal credit card fees how to remove charge off items from credit report authorization to obtain credit report form free credit report how to cancel annual federal credit report how to remove negative accounts from my credit report consumer credit reports small business how to obtain a credit report on someone else credit report dispute samples annual credit report login transunion illegal pull someone;s credit report free credit report through federal government can free credit report transunion i get my how do you get a bad credit rating uk credit report lock out experian free credit report info fcr.com denied credit report experian how do i read an equifax credit report free credit commercial club report check plus score and experian credit report can i run a credit report on my tenant credit annual reports for canadian companies sample credit report equifax 3 major credit reporting bureaus free report 3 bureau annual report credit scores get a credit report canada tenant credit reports massachusetts ny state tax lien on credit report free credit report old band back annual credit report request form spanish free credit report.com commercials actors credit score reporting rules annual credit report government free credit report yearly government get my free credit report free getting your how to get your credit score up fast my official free credit report ftc free report score personal solutions credit remove dismissed chapter 13 credit report get my yearly credit report free remove credit inquiries credit report define consumer consumer credit reporting reform act 1996 annual free credit reports where to get free credit report annually get one time free credit report is it safe to order a credit report online my free business credit report free credit report gov us order csc credit report am best credit rating free credit reports canada for real credit report usa pdf pull credit report for tenant free credit report check no credit card free credit report forums $500 cash advance with no credit check how do i pull a credit report on a tenant view your credit report free experian my credit file veda login where can i order my free credit report consumer credit market report 2011 court judgment credit report credit report has wrong address what are the major provisions of the fair credit reporting act free credit report dot com band wiki capital one canada rebuild your credit fair credit report act authorization equifax credit report fico score long term bad credit loans direct lender sample letters to remove inquiries from credit report free online credit report no credit card required instant online payday loans lenders definition of a credit reporting agency fair credit reporting act information furnishers who are the three credit reporting agencies in the u.s credit suisse ag annual report 2008 best place get all three credit reports scores free true credit report equifax how to read an equifax 5.0 credit report free copies my credit reports how do i contest something on my credit report apply for payday loan online directly from lender free annual credit report ftc civil claim judgment credit report what is a charge off on a credit report order a credit report on someone does capital one credit report transunion credit report usa credit report and the rest is history meaning free credit report 3 reporting agencies information companies asking for credit report does a credit report include credit score request credit report experian what does charged off mean on my credit report do utility companies report to credit bureaus mailing address transunion credit reporting agency national consumer law center fair credit reporting transunion vs equifax fico score free credit report agency under fair credit reporting act free credit report no card information free credit reports com 11 credit bureau report and scores how to understand credit report does checking your own credit report affect your score how do you get a credit report on a person what does kd stand for on your credit report free credit report guy names three credit reporting agencies can get credit report my bank equifax credit report how to read free credit report for tenants credit report company addresses do jobs need credit report how to run credit report on someone else the fair credit reporting act purpose is triple credit report with score create new credit report unauthorized hard inquiry credit report equifax credit report phone number canada checking credit report renters view free credit report online certified reporting credit score gov free credit report one a year free credit report experian credit report uk login free credit report.com cell phone song and lyrics can i get a free credit report once a year best place get annual credit report free experian credit report review how to update info on your credit report remove incorrect address my credit report how to remove a judgement off your credit report my credit report without signing up membership pull credit reports business american express free credit report and score free credit report guys back experian smart business credit reports canada credit report experian credit report score rating how can i get a dispute credit report for experian reporting tenant debt credit bureaus cancel true credit report com obtaining a how to get my credit report for free medical collections credit report companies fix credit reports official government free annual credit report consumers how long do negative items stay on my credit report get my free credit report law does chase sapphire report credit limit should i dispute everything on credit report cma global sovereign credit risk report q1 2011 fair credit reporting act 2010 text request your free annual credit report canada credit report monthly monitoring clean my credit report mailing addresses for credit report companies
Home Pete Toms LWIB: Can Stadium Development Be Done With Reasonable Public Investment?

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 620 guests online

Atom RSS

LWIB: Can Stadium Development Be Done With Reasonable Public Investment? PDF Print E-mail
User Rating: / 4
PoorBest 
Pete Toms Article Archive
Written by Pete Toms   
Monday, 14 September 2009 00:01

Last Week in Bizball by Pete Toms

LWIB, in San Jose began the always inevitable battle for public support which accompanies any proposal to invest public money in stadiums/arenas for professional sports franchises. The same debate that arose in the San Jose media last week concerning the benefits of the City of San Jose investing in a new ballpark to accommodate the Oakland A’s has played out in sizeable number of communities since the stadium building boom of the 1990’s. Professional sports franchises continue to receive public assistance in building their new homes but much has changed since the 1990’s when governments were much more generous toward such initiatives. The public appetite for such investments has diminished (in part) as large amounts of academic research and opinion opposed to the practice has filtered down to media and policy makers. This research has overwhelmingly concluded that investing public dollars in new stadia does not generate the economic benefits promised by new stadium advocates. More recently the tenor of the debate appears to be moderating. Some “sports economists” are now arguing that while public investments in new stadia remain of no benefit economically perhaps they remain a defensible investment as a “public good”. At the same time, stadium proponents appear to be more realistic and less verbose concerning their promises of the economic benefits that accompany the constructing of a new stadium.

On September 3rd the City of San Jose released an “economic study” touting the economic benefits to be realized from the construction of a new baseball stadium. Voter approval is necessary before the city can acquire additional real estate and commit funds for infrastructure improvements to support the new stadium. Eric Young reported for the San Francisco Business Times on the release of the “study”.

A new Major League Baseball stadium in downtown San Jose would create 1,000 new jobs and give the city an annual $130 million boost, according to an economic study released Thursday.

With a fully operational facility in 2014, the ballpark — designed to be the new home of the Oakland A’s — would create 1,000 new jobs paying wages of about $62 million, according to the report.

Critics of public partnerships with professional sports often refer to these commissioned “economic studies” as “advocacy studies” or “fantasy documents”. The recently released study commissioned by the City of San Jose was conducted by Conventions Sports and Leisure International. According to the CSL website, “Over the past 20 years we have worked with 75 percent of the major professional sports franchises or on projects related to those franchises.”

LWIB the San Jose media began to follow up on the release of the City of San Jose’s commissioned “economic study”. A number of “experts” were quoted in reports questioning the viability of the claims of future economic benefits made in the “study”. Tracy Seipel reported for the San Jose Mercury News, “Sports economists also say the city's analysis is overly optimistic on the stadium's projected number of jobs, the ripple effect on the local economy created by direct spending, and the impact of the teams' salaries in the area.” (Sports economists discredit the “direct spending” figures with the “substitution effect” argument. Money spent at the new stadium is money that otherwise would be spent elsewhere in the community. Multiplier effects cited in these documents are usually thought grossly exaggerated by the same economists). Ms. Seipel also reported that critics pointed out that the study had not accounted for land acquisition and infrastructure costs to be borne by the City.

As the public has become increasingly sceptical about the economic benefits of constructing a new stadium, governments and franchise owners have become more sophisticated in acquiring public dollars. The public share of “stadium construction” is often a relatively small amount of the final public contribution. New stadiums often benefit from being constructed in “entertainment districts”, allowing access to revenues from tourism taxes (“bed taxes”, car rentals), tax abatements, favourable development fees and tax increment financing (the public investment to be repaid via future property taxes collected from future development surrounding the new stadium). Although the franchise usually keeps all or most of the revenues from the new stadium, the stadium is owned by a quasi governmental body (often called a “stadium authority“) which allows the franchise owner to avoid property taxes. Financing is sometimes raised via tax exempt (cheaper) bonds sold by governments.

The debate over public investment in professional sports stadia has long been polarized. Grassroots critics both liberal and conservative view these investments as corporate welfare. The academics have long discredited the touted economic benefits. The advocates point to the Staples Centre, Camden Yards, Petco Park and Progressive Field as examples of new stadiums playing key roles in urban renewal. More recently, as franchise owners invest more of their own money and governments commit less, the proposed benefits trumpeted by advocates appeal more to community self esteem and less to promises of public economic gain. At the same time, some sports economists and industry observers are admitting that while these projects will not add to the public coffers they can be worthwhile public investments.

LWIB, Ballpark Digest reacted to the criticisms of the San Jose ballpark proposal.

What's really happening here is that the academic sports economists are living in an ivory tower. Is the ballpark the best use of the land? When you throw in every possibility -- like office and retail -- the answer is no. But is the ballpark the best possible use of the land given the present economic realities? No developer is lining up with development proposals for the site, so to argue the city would wait for a theoretical use of the land is a nonstarter. The office vacancy rate in San Jose and the rest of the Valley is very high, and it could be years before the existing space is filled, never mind create demand for a new office/retail complex. So, the real question -- and one ignored by the "sports economists" -- is whether a ballpark is a good use for the land given current economic conditions. And given the fact that someone is proposing a $500-million development project in this economy for an empty site in downtown San Jose, the answer has got to be yes.

Even Neal deMause, amongst the fiercest critics of investing public dollars in professional sports stadiums, admitted at his Field of Schemes blog that the San Jose proposal is a potentially sound public investment. Mr. deMause wrote in part, “…a new A's stadium could be the next Pac Bell Park, where public costs were actually kept low enough that the modest public benefits of a stadium were worth the subsidy; more than that, and it's just throwing money down a hole.”

Some of the sports economists appear to be mitigating their philosophical opposition to public investments in stadia for professional sports. Some believe that while there is no tangible economic benefit in these investments, there is an intangible benefit to the residents of these communities. In a recent Q&A with The New Yorker, the most high profile of the sports economists - Andrew Zimbalist - was quoted.

Arenas and stadiums, by themselves, cannot be expected to produce an economic benefit to the local community. It can’t be expected to increase the employment level in the community, and it can’t be expected to raise per capita income. And that’s a straightforward conclusion that comes from detailed econometric analysis that spans thirty to forty years. That doesn’t mean there can’t be a modest benefit in particular cases, though.

AND

Cities don’t build a public park because they expect it will bring in higher income; they build it because they think it’s good for the social and cultural fabric of their community. A city might look at a ballfield or an arena in the same way—if you can make a case that building a stadium will be economically neutral, you might want to go ahead and do that, because you think a team will provide a source of cohesion, identity, wholesome family entertainment.

Perhaps after twenty years of outlandish promises from stadium advocates and consistent objection from the sports economists a more reasoned debate has finally emerged. A new ballpark might not transform a city or provide stimulus (at least long term) to the local economy. Such arguments appear to have outlived their usefulness. And perhaps it is also time to admit that relatively modest levels of public investment in these stadiums is not entirely and uniformly wrong. Maybe a new ballpark or arena or football stadium is worthwhile just because a lot of people will enjoy it.


OTHER NEWS FROM THE BUSINESS OF SPORTS NETWORK

(THE BIZ OF FOOTBALL)

(THE BIZ OF HOCKEY)


Pete Toms is an author for the Business of Sports Network, most notably, The Biz of Baseball. He looks forward to your comments and can be contacted through The Biz of Baseball.

Don't forget to register and log in on The Biz of Baseball site to get updates via your in-box, and see information only logged in members can see.

Follow The Biz of Baseball on Twitter Twitter

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?