Okay, maybe that’s an exaggeration. But the Independent Budget Office today estimated the total cost to the city of awarding tax-exempt bonds, exempting property taxes, etc., to be $177 million (in present value). And while the I.B.O. did not do a complete cost-benefit analysis, it pointed toward the sunny figures trotted out by the mayorally-controlled Industrial Development Agency, which found that the stadium would bring in $61 million in city tax revenues. “[B]ecause a large share of sports business income flows to a relatively small number of players and owners–few of whom reside in the city–much of those earnings will be spent elsewhere with only a small effect on the local economy,” the I.B.O. said.
(via Neighborhood Retail Alliance)
–Matthew Schuerman
