Posted on 10/21/2002 1:01:03 PM PDT by VaBthang4
I guess the answer always is "It's a good investment". Leaving aside the fact that all the studies show that these things never turn out to be such good investments, why should the government be in the investing business? If "It's a good investment" is a good enough reason for a football team, why not the stock market?
3. their own? Well, people can invest in a football stadium on their own, too. There is no reason why the Colt's can't float a bond for the stadium. If it is such a good investment, people will flock to the bond-offering.
Of course, if it is such a good investment, that is exactly what the Colts would do. However, they know its not a good investment so they want others to put up the money.
Governments have been in the investing business forever and a day. Dont pretend that drawing a line here is holding the line. If you want to kill all state and local government investments then cool....but if not....then dont have a problem with government investment in this case.
Especially if it is local government.
Welllllll, why should non-PBS fans be forced to subsidize PBS, or Museums, or Orchestras, or NOW or Planned Parenthood, or a zillion other special interests groups which are subsidized by the Govt. In this one instance I will accept that I am being hypocritical - if my tax dollars have to subsidize all that other c*ap then I'd like to see some of my taxes go to subsidize something I really like, like the Indianapolis Colts. I am one of those who pull every govt wagon known to creation, in this one instance I would like to get a chance to ride the wagon.
Sure. They are silly. If the market interest rate is 6%, then Indy can simply invest the money at the market interest rate for a guaranteed 6%, and not have the risk associated with the football stadium. So, the real positive return of choosing this investment is only 2 million per year, over 20 years. Not the full 14. Also, I am not sure where the 14 comes from, is that what they generate now? Anyway, there is risk to that. The team could go out of business.
I have a problem with government "investing" on our behlaf everywhere and always. I will be against it here, and everywhere else.
Fair enough, but look at it this way: This is supposed to be some kind of terrific investment. Wouldn't you rather have the team float a bond that you can purchase part of (and get the resultant return on) then have the government make the investment? If the government does it and there is a loss you will share in the loss. If the return is positive, a bunch of jackass bureaucrats will get raises.
Then you my friend have no concept of reality.
Short of nuclear holocaust the return would be positive...and short of nuclear holocaust, the numbers in the original post are legit. Stop being a contrarian...government isnt full of bureaucrats.
I cant tell if you have a problem with the method or the necessity of local government involvment. To push the tax payers out of the loop is to also push them out of the payoff that would come from having a new stadium [Exactly like what happened with the RCA dome]...the examples are endless...and short of the sky falling...are guaranteed.
People who freeze in place because of fears [real or imagined] arent the people to be receiving counsel from.
Money isnt evil. Government isnt evil [especially local]. Business ventures arent evil, and investing isnt evil.
This nation was built on risk. The Colts came to Indianapolis on risk. The original RCA Dome was built on risk.
Risk aversion is not the answer.
You are totally avoiding the point. If the return will be positive, then why can't they raise the money in the private markets? Also, as for your numbers. As I said, the real economic return is 2 million per year, over 20 years. Not your 100+ million.
That's all off point. Surely you would agree that one must analyze the cost/benefits/risk of any investment and not just go willy-nilly into any investment because its the manly thing to do. I am not risk adverse. Hell, I used to invest in distressed debt for a living. However, all investments need to be analyzed. That the team will not go to the private markets for the money is a sure sign that it is not a good investment.
Seldom mentioned by those holding the microphones or taking the polls are the Baskets of Hope program, Peyton Manning's handoff for hunger, the Edgerrin James Foundation, the Peyback Foundation, the Meadows Foundation, the Colts geography website, or the Just Kickin'it Fund. By no means an exhaustive listing of the honorable endeavors to give back to the community by Colts Players and Coaches.
After all the transactions have taken place, the city coffers have gained over ten million dollars since Mayor Hudnut brought the team to town. 10 million dollars in 18 years. Just for having your name in front of the team.
Oh boy!!! What a deal!! NOT!! we subsidize that group of Sweaty Boys more than that EACH YEAR!!!!
Also the city has pocketed over 100 million dollars since 1996 by hosting its Circle City Classic inside the RCA dome.
HMmmmm... $100,000,000 / 6 years = $16,000,000 a year
Divide that by 50,000 seats and ya get $333 per seat. OUCH!
I wondered why I had never gone to see one of those 'games'.
Judging by the blatant atmosphere of opposition by the Star's editorial staff, I should've checked words like Money Hungry, Greedy; Slick, Enron, Martha Stewart or Bin Laden. God only knows how many stories Star writers have produced linking the Colts Organization and Jim Irsay Jr. to anyone of those.
Yeah..... who knows?
What encumbered taxpayer would be opposed to 125+ million dollars of pure tax revenue rolling into government coffers and alleviating their own tax burden? Show me the dawdling voter who doesn't get off the fence with vigorous zeal after looking at those numbers.
Too bad it ain't true!!!!!!!!!!!!!!! I'm the one coughing up taxes to subsidize this thing. If this were true, the Stadium Tax would be long gone. It isn't true.
You get the feeling that the Star has anti-Colts articles lined up like jetliners in queue waiting to take off at a controller's command.
No, I don't.
Misery loves company.
The City has paid the colts 93 million dollars since it came to Indianapolis...the Colts have paid the city over 107 million since coming to Indianapolis.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.