Hallmark.....tell me this is not happening.....must be a mistake

http://www.pnj.com/story/sports/mlb/blue-wahoos/2014/07/11/blue-wahoos-stadium-cited-among-top-minor-league-parks/12544525/

How are we doing at paying for this ballpark?

Our tax dollars at work.

hallmark quit the forum

hallmark quit the forum


There is no quitting or crying on this forum.

[quote="Bob"]hallmark quit the forum[/quote]

http://maritimepark.wordpress.com/

• The baseball stadium is the only major component remaining from the Community Maritime Park’s original plan. It was expanded from the original design.

• In actuality, the CMP became a “waterfront baseball complex”. The ballpark dominates the entire 30 acres. It over-shadows and encroaches upon the public area and the amphitheater.

• Success of the baseball complex depends on commercial real estate development – on and off the park property. Thus far, there is one commercial building under construction at the complex and a second in the planning stage. No other downtown building is directly attributable to baseball complex. More development is unlikely without a parking garage (at a cost of $5 to $8 million).

• Total cost of the waterfront baseball complex was $64 million. The biggest source of funds was $45.6 million borrowed by the City plus another $2.1 million from local sales taxes. The stadium cost at least $40 million. This includes direct and indirect costs.

• Minor league stadiums do not create new economic activity. Money spent at the stadium largely represents lost sales at other local food and entertainment businesses. Municipal stadiums have proven to be lousy investments for taxpayers

• The City will pay out about $85 million to retire the bonds sold to build the project. In addition, the City will spend hundreds of thousands of dollars annually to operate the complex — for at least the next few years and maybe indefinitely. The City pays for stadium utilities and hurricane insurance.

• Stadiums require constant repair and maintenance. Team owners demand major renovations every five or ten years.

• The City will be “at the mercy” of the baseball team owners when the stadium lease comes up for renewal. It will take the City 30 years to pay off the bonds, but the baseball team has leased it for only the first ten years. Team owners have the sole option of renewal. The owners can threaten to move their team if the City does not meet their demands.

• In addition to the $85 million baseball complex bonds, other major City obligations are: 1) an estimated $135 million in pensions and other post-retirement benefits; and 2) $19.5 million owed to ECUA for demolition and clean-up of the old sewer plant.

• Pensacola sacrificed future downtown economic development in order to build a waterfront baseball complex. Funding for downtown projects will be limited for years to come. Major improvements are “on hold”.

“If you want to inject money into the local economy, it would be better to drop it from a helicopter than invest in a new ballpark.” ~ Allen Sanderson, University of Chicago economist.

– researched & written by C. C. Elebash, November 2013

The port is basically obsolete due to the fact the major players want a mixed media waterfront. That means bars, restaurants and shops....that provide minimum wage jobs.

Tex,
Your bond figures are wrong. The ball park was much less than 20 million, and the entire amount will be paid back with cash left over for the public. There are two buildings in planning and one being built. Maritime Park is a stunning success. From this success will grow more success.

2seaoat wrote:Tex,
Your bond figures are wrong.  The ball park was much less than 20 million, and the entire amount will be paid back with cash left over for the public.  There are two buildings in planning and one being built.  Maritime Park is a stunning success.   From this success will grow more success.

I do not believe you, seaoat, I would like to see some figures to back up what you just posted. I'm sure you are a fine man and I have no animosity toward you but I believe the Ballpark is the biggest scam ever pulled on this city and it will just be amatter of time until a group of citizens actually gathers the evidence and brings suit against the perpetrators of this travesty.

Yella wrote:

2seaoat wrote:Tex,
Your bond figures are wrong.  The ball park was much less than 20 million, and the entire amount will be paid back with cash left over for the public.  There are two buildings in planning and one being built.  Maritime Park is a stunning success.   From this success will grow more success.

I do not believe you, seaoat, I would like to see some figures to back up what you just posted. I'm sure you are a fine man and I have no animosity toward you but I believe the Ballpark is the biggest scam ever pulled on this city and it will just be amatter of time until a group of citizens actually gathers the evidence and brings suit against the perpetrators of this travesty.

Charlie Fairchild and Marty Donovan will agree with you, Yella.

http://en.wikipedia.org/wiki/Pensacola_Bayfront_Stadium

23 million without counting the 2.5 million donated by Studer, the Ballpark is 20 million, and will easily be paid off with the concession and lease payments over thirty years. Again, a no brainer. The problem with the ballpark is the naysayers convinced the public that it would make no money. They are taking in a million dollars on concessions, and during negotiations(after I posted daily to the PNJ that the Public should retain concessions) they left 500k a year on the table. The next contract will recapture at least 300-400k and the public will be banking revenues generated from this park.

Studer will make six to ten million during the life of the first contract, but the next twenty years the public could make thirty million. The sales tax revenue annual totals do not lie.......this ballpark is a fricking cash machine......and the bad negotiations are only for the first third of the bond repayment.......it will be a cash cow just like the Kane County Cougars, and everything I posted for six years in the PNJ has come true.

A donation....that would be a tax write off, correct?

A donation....that would be a tax write off, correct?


Not in this case. It was part of what he contracted to contribute. He can increase his basis, and probably get better deductions than the top tax rate of 39% where he would leave 61% on the table and should fire his accountant. Here he could offset dollar for dollar the profits he generated, and consider the money to be a capital expense. He will get 100% write off against the profits.