Sharing the load.NOT all cities are as reluctant as Los Angeles to plunk down public money for stadiums, arenas and convention centers. When developers and investors say they can't pencil out the projects, taxpayers are asked to pay a share. San Diego Facility: Petco Park Cost: $450 million The home of the San Diego Padres was originally slated to cost $411 million, with $275 million coming from the public coffers. After nearly four years of construction, the structure opened with a budget overrun of nearly $39 million. The City of San Diego contributed $205.9 million, with the money to be paid back out of hotel bed tax receipts. The Centre City Development Corp., a public non-profit agency created to staff and implement redevelopment projects, contributed $76.4 million. Additionally, the Port of San Diego The Port of San Diego is a self-supporting public benefit corporation established in 1963 by an act of the California State Legislature. The Port Act says that the policy of the State of California is to develop the harbors and ports of the State for multiple uses that benefit all chipped in $21 million, and the Padres, along with other private investors, contributed $146.1 million. New York Facility: Jets Stadium Cost: $2.2 billion Financing for the stadium, to be located on the west side of Manhattan, has not yet been approved--and no wonder. Priced at $2.2 billion, it would be the most expensive sports facility ever built, with one of the largest public investments. New York Gov. George Pataki and New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Mayor Michael Bloomberg support the new stadium, which would potentially draw more than $1 billion from state and city borrowing and tax-exempt bonds. Additionally, Woody Johnson, owner of the Jets, is making a private contribution of as much as $1.6 billion. Pataki and Bloomberg aim to have the financing approved by July 6, when the International Olympic Committee “IOC” redirects here. For other uses, see IOC (disambiguation). The International Olympic Committee (French: Comité International Olympique) is an organization based in Lausanne, Switzerland, created by Pierre de Coubertin and Demetrios Vikelas on June 23 will decide on the site of the 2012 Olympics. San Antonio Facility: SBC (1) (SBC Communications Inc., San Antonio, TX, www.sbc.com) A large, national telecommunications company that grew from a multitude of local and regional companies, including Southwestern Bell, Pacific Bell and Nevada Bell, into a single, unified brand by 2002. Center Cost: $175 million Home of the NBA NBA abbr. 1. National Basketball Association 2. National Boxing Association NBA (US) n abbr (= National Basketball Association) → Basketball-Dachverband (= Spurs, this facility cost $175 million, $146.5 million of it financed with city bonds that were supported by an increase in hotel and car rental taxes. Private financing for the 18,500-seat stadium--also home to the San Antonio Livestock Exposition and the San Antonio Silver Stars The San Antonio Silver Stars are a team in the Women's National Basketball Association (WNBA) based in San Antonio, Texas. They are one of the original eight founding teams in the WNBA. of the WNBA--totaled $28.5 million and came from the Spurs. Boston Facility: Boston Convention and Exhibition Center The Boston Convention and Exhibition Center (BCEC) is the largest exhibition center in the Northeast United States, with some 1,700,000 square feet (15.8 hectare) of contiguous exhibition space. Cost: $875 million Entirely public funded. The Massachusetts Convention Center Authority issued $620 million toward the center and the Boston Redevelopment Authority The Boston Redevelopment Authority (BRA) is the municipal planning and development agency for Boston. The BRA was established by the Boston city council and the Massachusetts legislature in 1957. spent $255 million to acquire the land. The adjacent hotel is under construction. The hotel complex is predominantly financed by private investors, but some public money went into site preparation. |
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