“Paying for Itself” from Day One

Amazing! The Gwinnett Braves Stadium is paying for itself before it even opens. By “paying for itself”, I mean—and I guess Jock Connell meant it too—that tax revenues from Gwinnett citizens are already being diverted to Liberty Media shareholders to pay for the stadium that will generate revenue for them.

The first payment on bonds sold to build Gwinnett’s minor-league stadium is due in January, but officials said the money is already in.

Gwinnett Budget Director Chad Teague said officials thought the money would be due by the end of the year, but instead, the $1,587,067 will be paid in January. The money will be carried over from 2008 to 2009′s budget, he said….

The car rental tax is the only revenue that began collecting in 2008, and Teague said the money has been coming in faster than officials expected.

Through November, the county collected $513,057.43, nearly 50 percent higher than the $350,000 officials had forecasted for the time period.

“We should be fine,” assuming the parking revenues and ticket surcharges meet expectations, Teague said of the inability to sell the naming rights. “We’re ahead of the game on the car rental (tax). Right now, we’re in pretty good shape.”

The article is confusing. Does this mean that county officials thought the first payment was due in December 2008 when it was really due in January 2009? If so, these guys are really on ball. It reminds me of the county official who didn’t know what type of bonds were being used to fund the stadium.

And so much for the notion that car-rental taxes are covered by stadium visitors: this tax is payed by Gwinnett citizens with car trouble.

One Response ““Paying for Itself” from Day One”

  1. Ken Houghton says:

    So cutting the road repair budget should be the =first= move of the county, since that will increase the earmarked revenues for the stadium and pay for other things!