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Wednesday, May 20, 2009

$$$ What Would Lents Cut to Foot Stadium Cost?

Posted by Sarah Mirk on Wed, May 20, 2009 at 4:17 PM

Lents has called an emergency neighborhood association meeting tonight to discuss the issues swirling around Randy Leonard, Mayor Adams' and Merritt Paulson's pitch to use $42 million in Lent's urban renewal funds to cover 80 percent of the construction costs for a new Triple-A Beavers stadium out in Lents park.

The neighborhood association does not have any official say over whether or not the city taps the area's urban renewal funds to build the stadium but, of course, the political team behind the stadium would like to get the neighbors' support for the project (especially if they're outspoken and can provide their own colorful scarves).

But so far, the $42 million deal has been too complicated and divisive an issue for the neighborhood association to agree on a stance. The debate hinges on whether the new stadium is a smart investment for a major chunk of the funds that were originally slated for business revitalization, affordable housing, street and sidewalk repair and the redevelopment of Lents Town Center.

The draft budgets for Lents looks vastly different in stadium/no stadium scenarios. It's worth comparing the budgets yourself - the pdf of planned budget without putting money toward the stadium is here, the "stadium scenario" budget is here. But just to get you interested, here are some snapshots: each column is a year's worth of funding for the projects listed on the left, starting in 2009.

Affordable Housing budget if Lents doesn't fund the stadium and then if it does:
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9b12/1242861174-picture_7.png

And originally planned business development funding and then with the stadium:
979e/1242861224-picture_5.png

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The slashed budgets could be viewed as just delays rather than cuts - hypothetically if the stadium gets built, the development projects won't go undone, they'll just be bumped several years in the future. If you live in Lents, stop by the meeting tonight: 7PM at Lents Elementary.

 

Comments (4) RSS

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1
"hypothetically if the stadium gets built, the development projects won't go undone, they'll just be bumped several years in the future."

That's "hypothetically" true only if the bonding capacity of Lents URA is "hypothetically" increased to match the cost of the stadium.

It's called "Opportunity Cost," Sarah, and they teach it on the first day of Economics 101.
Posted by GLV on May 20, 2009 at 4:40 PM · Report
2
GLV,

Good point! The draft budget for the stadium scenario does assume that the resources available to the Lents URA will jump from $19,554,023 in 2009-2010 to $40,726,817 and from $16,220,338 in 2010-2011 to $43,321,030 and will be $10 million more in 2012, too.

But I'm not sure exactly where that money is slated to come from. I'll tweet it at Randy Leonard. Ha. (no, really).
Posted by s.mirk on May 20, 2009 at 6:00 PM · Report
3
eh you dont need that shit anyway.

listen, when you have a chance to drop $60+ mil of taxpayer dollars on a minor-league ballpark without any tangible benefits to the surrounding community, jump on it.
Posted by bizarro brain on May 21, 2009 at 12:26 AM · Report
4
Putting this stadium way out in BFE/Lents is such an awful idea. For background, I love watching baseball live and I went to about 6 Beavers games last year. I live in downtown (or right by it, actually) and don't own a car and MAX or not, that number will drop to 0 if it gets put down out there. There's nothing out in Lents that will keep me there, and all the money they could use to renovate the neighborhood and spur economic development by providing affordable housing would go to the stadium.

Whatevs.
Posted by el cubano on May 21, 2009 at 11:28 AM · Report

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