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The Sale of Nationwide Arena - News & Updates

Home Forums General Columbus Discussion Sports The Sale of Nationwide Arena – News & Updates

Viewing 15 posts - 211 through 225 (of 231 total)
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  • #1085414
    Walker Evans
    Walker Evans
    Keymaster

    #1085552

    ehill27
    Participant

    That was hilarious.

    Yeah, I gotta admit… it’s all pretty F’d up. But lets not pretend this is limited to sports. Big businesses have been playing cities/suburbs against themselves for a long time. Seems like our leaders can’t trip over each other fast enough to give away tax breaks and other incentives to lure businesses away from our competitor cities, or even our own suburbs (or vice versa).

    #1085639
    Walker Evans
    Walker Evans
    Keymaster

    That was hilarious.

    Yeah, I gotta admit… it’s all pretty F’d up. But lets not pretend this is limited to sports. Big businesses have been playing cities/suburbs against themselves for a long time. Seems like our leaders can’t trip over each other fast enough to give away tax breaks and other incentives to lure businesses away from our competitor cities, or even our own suburbs (or vice versa).

    True… though I’d argue that there’s usually a big difference between tax breaks for businesses and the outright paying to build a multi-million dollar building for a sports team. I don’t know of any instance where a city said they would shell out $300 million in taxpayer funding to build a new corporate headquarters for a relocating company that said that they couldn’t build it themselves.

    #1085666

    jbcmh81
    Participant

    That was hilarious.

    Yeah, I gotta admit… it’s all pretty F’d up. But lets not pretend this is limited to sports. Big businesses have been playing cities/suburbs against themselves for a long time. Seems like our leaders can’t trip over each other fast enough to give away tax breaks and other incentives to lure businesses away from our competitor cities, or even our own suburbs (or vice versa).

    Look at Chiquita and Cincinnati. It moved to Charlotte under 3 years ago after that city put up tens of millions in incentives. Now they’re moving to Florida.

    Though to be fair, the situation with most stadiums and Nationwide Arena is not the same.

    #1085770
    Coremodels
    Coremodels
    Participant

    Though to be fair, the situation with most stadiums and Nationwide Arena is not the same.

    Most other cities actually make their payments?

    #1085835

    RedStorm
    Participant

    If “taxpayer funds” aren’t actually being paid (for the time being), isn’t that what those opposed wanted? Nationwide is essentially just not being paid back, and they seem ok with that for now. Someone correct me if I’m wrong, but the last I heard was that no money had been paid back yet.

    #1086251

    NDaEast
    Participant

    If “taxpayer funds” aren’t actually being paid (for the time being), isn’t that what those opposed wanted? Nationwide is essentially just not being paid back, and they seem ok with that for now. Someone correct me if I’m wrong, but the last I heard was that no money had been paid back yet.

    Welllll … we are paying about $6M a year (city and county),so we cover land lease costs, capital improvements, and operating costs (including buying the goalie nets) before we make a dime of mortgage payment. But while we are not paying on the mortgage, the amounts we don’t pay are accruing interest at 4.875% annually (i.e., what Nationwide is charging us), so each year we go deeper and deeper into debt of the company we bailed out, while they start to turn a profit on the ice that they don’t share. And whenever they want, they can call the loan and get the building back. Its more like we are rent-to-owning an apartment for someone else to live in, while we can’t even afford to cut the grass at our own home. Seems kind of dumb for the public to support that deal to me.

    #1089112

    News
    Participant

    Is a sports arena an investment or a subsidy?
    By GIGI DOUBAN • AUG 13, 2015

    When a government pours money into a sports venue, sometimes it’s hard to tell whether it’s a subsidy or an investment, Mark Rosentraub, sport management professor at the University of Michigan, says.

    READ MORE: http://radio.wosu.org/post/sports-arena-investment-or-subsidy#stream/0

    #1102321

    News
    Participant

    Nationwide Arena’s owner to seek tax-exempt status
    Nov 17, 2015, 2:48pm EST
    Evan Weese
    Staff reporter – Columbus Business First

    The public owner of Nationwide Arena voted Tuesday to seek a property-tax exemption on the financially strapped venue, formalizing discussions that began earlier this year to save potentially millions of dollars annually.

    READ MORE: http://www.bizjournals.com/columbus/news/2015/11/17/nationwide-arenas-owner-to-seek-tax-exempt-status.html

    #1102472
    Ned23
    Ned23
    Participant

    I don’t have a problem with public stadiums, per se, but I do have a problem with team owners playing cities against one another and making us build new ones every few years so that they can get rich off of them.

    #1102474
    Walker Evans
    Walker Evans
    Keymaster

    I have a problem with the for-profit stadium defunding Columbus City Schools in the process.

    #1102481
    Posole
    Posole
    Participant

    Yes, school money should not be diverted to stadiums.

    #1102857

    NDaEast
    Participant

    Weighing in late here, but of course this is pudblic money … and the abatement hurts not just schools but all levy funded human services, including senior services, drug and alcohol addiction services, metroparks, libraries, developmental disabilities services, mental health services … the list goes on and on beyond schools. What irks me is that voters said “no” five times to publicly-funded professional sports arenas –including the last time to the pro hockey team arena, but our elected officials went on and did it anyway — at least it is a lack of respect for the fact that voters said a home for a pro hockey team is not our public spending priority. the arena and the Blue Jackets contribute a negligible net amount to the region’s economy, as almost every sports economist agrees — instead, pro sports facilities move entertainment dollars from one area of the city to another. So even though the people said “no,” the politicians decided to subsidize an extremely wealthy few individuals and businesses,while removing money to aid our most vulnerable citizens. Nationwide made something like $1.2 Billiion in PROFITS in the year of the sale — they could surely afford to take a haircut on this small portion of their investment portfolio (which we don’t know, because NHL teams do not release their financials) — particularly given that the rest of their arena district portfolio appears to be doing so well. But then counciljust extended abatements for all previously-abated real estate in the arena district and the increased property value taxes are TIFF’ed, meaning they stay in the arena district, rather than flowing into the General Fund to be available to all neighborhoods, so I’m really wondering where the citywide benefit is. We’ve made a few people who are already spectacularly wealthy even more so, and by relocating businesses and people we have created a new place to go … but I’m not sure anybody will ever be able to calculate the net benefit of our ever-growing debt on a facility the public never wanted to buy in the first place.

    #1105199

    News
    Participant

    Nationwide Arena owners agree to payments to Columbus City Schools
    Dec 1, 2015, 12:50pm EST Updated Dec 1, 2015, 1:38pm EST
    Evan Weese
    Staff reporter – Columbus Business First

    The public owners of Nationwide Arena have reached a tentative deal with Columbus City Schools to hold the district harmless as the financially strapped venue seeks a permanent property tax exemption.

    The Franklin County Convention Facilities Authority on Tuesday approved an arrangement that would pay Columbus City Schools $586,000 a year in lieu of property tax payments.

    READ MORE: http://www.bizjournals.com/columbus/news/2015/12/01/nationwide-arena-owners-reach-deal-with-columbus.html

    #1105864

    News
    Participant

    School Board Approves Revenue Sharing Deal With Arena
    By MANDIE TRIMBLE • 36 MINUTES AGO

    In a unanimous vote Monday afternoon, the Columbus City School Board approved a revenue-sharing deal with the Franklin County Convention Facilities Authority.

    School board members agreed to accept $586,000 a year from the facilities authority instead of tax dollars. The authority will ask the General Assembly to make Nationwide Arena permanently exempt from property taxes so it can avoid a hefty tax bill as its property tax abatement expires.

    READ MORE: http://radio.wosu.org/post/school-board-approves-revenue-sharing-deal-arena

Viewing 15 posts - 211 through 225 (of 231 total)

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