Hochul Weights $1.4B Stadium for Buffalo Bills

But most of these stadium deals turned into a sewer in public coffersand economic research found that professional sports stadiums rarely had a significant impact on overall economic growth.

“The public and lawmakers should be given both information and time to fully consider this,” said Patrick Orecki, director of state studies at the Citizens Budget Commission, a financial watchdog.

In recent years, many New York sports teams, from the Yankees to the Mets, have heavily paid for their stadiums, but many venues is built with public assistance in the form of free land, tax breaks, and infrastructure improvements in the surrounding area.

Madison Square Garden in Manhattan has had estate tax exemptions since 1982, while the Barclays Center in Brooklyn received $260.3 million in state and city funding and estate tax exemptions. For the Yankees and Mets, the basketball courts have received tax breaks and tax-exempt bonds, but the teams pay the bonds with revenue from their stadiums.

If taxpayers were responsible for about $1 billion for a new Bills stadium, that would amount to more than 70 percent of estimated construction costs, which is in line with recent stadium deals in smaller markets in the NFL. According to an analysis by The Buffalo News. But the size of the subsidy stays on the high endBoth in the state and across the country.

In the last two NFL stadium deals, public funding was less important. At the Rams 2016 St. Louis to Los Angeles, the Rams owner paid for the team’s new stadium in Inglewood, California, but when the Raiders moved from Oakland, California to Las Vegas for $2 in 2020, the billion-dollar stadium was relocated to Clark County, Nevada. contributed $750 million to bonds backed by hotel revenues.

While the financing terms of a Bond deal remain unclear, some have argued that a large government subsidy is necessary because Buffalo is one of the smallest markets in the NFL; stadium naming rights, luxury boxes and season tickets.

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