Bills reach agreement with NYS to get their new stadium

I can't believe the state agreed to give $600 million to a billionaire fracker. I didn't think that was ever going to happen

oh I guess it hasn't actually been signed yet

 

5bil in the hole but 600 mil to build a billionaire a stadium? Ok.

 

Where is the state and county getting the money from?

 

Erie County makes probably a million dollars a date for events at the stadium. This is based on the 4.75% sales tax that Erie County charges above the 4% state sales tax. If there are 20 events at the stadium each year, 10 games, 10 concerts, say, that's $20M a year in county revenues. The county makes the money back in about 15 years counting the fact that they're fronting the money out and then receiving a percentage back each year.

Over 30 years the county easily makes the money back and probably more than doubles the investment in the end. Assuming they just double that's like investing the money at 3.3% over the term and probably as good a return as they get on anything they spend money on.

There are other factors like the jobs the county keeps that likely would have moved elsewhere. Overall $250M is a very good investment if it keeps the Bills in Erie County for 30 years.

 

I am so glad I don't live in NY State.

Honestly this sucks. State pays $600 mil when they are in the hole for billions and billions of dollars.

Where was this love for New York Jets when we wanted to do something nice in Manhattan.

 

The problem with the West Side Stadium plan was that it involved real estate manipulation - turning an area devoted to transit maintenance into an area for sport. The history of NYC over the years when it comes to real estate manipulation is absolutely sordid. There has been no more corrupt process over the years and it has always turned out bad for the citizenry in the end while making a select few very rich in the process.

So when Woody ventured into that realm he not only was competing with other interests he was also in a position where he had to prove a negative: that the project would not just become corrupt and feed the fixers again.

There have been things that Woody has done that really defy belief but getting out of that rat's nest and returning to the Meadowlands was not one of them.

 

No you are right Greg. It was Dolan and Sheldon Silver. Silver rotted in jail and eventually died. But why didn't state put their weight behind it at the time? Now they are paying Bills $600 million? Doesn't sit well with me even though I am an NJ resident.

Fuck the replacement mayor who is a Bills fan, Fuck Pegula's, fuck Bills all at the same time.

 

This is the stadium they’re building by cutting 800 million dollars from child and family services.

As if I needed another reason to hate the Bills. This is just next level scummy.

https://sports.yahoo.com/the-bills-...he-people-it-purports-to-unite-234942824.html

 

They should vote this down.

Giving all that money to a billionaire is dumb but doing so to build a replica of their current stadium, across the street, in a useless suburb, is even dumber

 

This is a good article put out by the Federal Reserve of St. Louis. It's dated (2001) but the economics are still the same.

https://www.stlouisfed.org/publicat...-2001/should-cities-pay-for-sports-facilities

 

I don’t disagree and he obviously could finance it, but it’s not like these guys who are worth $6 billion (like Pegula) just have $1.4 billion liquid laying around.

I’m firmly against any public money being used for this shit. They should have a real democratic vote (ask everyone in the state to vote) on garbage like this.

 

Government funds or otherwise subsidizes all kinds of entertainment, like parks, museums, opera houses, etc. Popular entertainment, like sports, that appeal to broad bands of people are just as worthy as fine arts which appeal to far fewer. The thing is how much is lining the Pegulas’ or the Steinbrenners’ pockets. That’s where the serious scrutiny should go.

 

The local park with a swing set doesn’t generate $350+ million in revenue that the private owner puts in their pocket.

 

When he bought the team Pegula said money was not an issue to him and if he needed more cash for something he would (actual quote) “just dig another well”

now that he owns the team he’s begging the state for money SMH

 

Fucking stupid that any state or city pays a sports team money to build a stadium. Fuck the billionaires asking for handouts.