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On Virginia Football Stadium Authority Legislation For New Washington Football Team Stadium

On Virginia Football Stadium Authority Legislation For New Washington Football Team Stadium - Video

On Virginia Football Stadium Authority Legislation For New Washington Football Team Stadium There are two bills before the the Virginia Legislature for the 2022 season. Both them will form the Virginia Football Stadium Authority for New Washington Football Team Stadium:  SB727 by Virginia Senator Richard L. Saslaw (D) and HB1353 by Virginia Senator Barry Knight (R).  As I understand the proposed stadium, it will be a dome and not outdoors, as a previous model, the image presented here, indicated. From this, the model prevalent appears to be the one used to form the Las Vegas Stadium Authority.  In that organizational format the Las Vegas Stadium Authority owns the stadium and the Las Vegas Raiders are the managers of the stadium.  In that roll, the Las Vegas Raiders enjoy the ability to collect fees from events produced at the stadium, from concerts to conventions.  The Raiders hired AEG to be the day-to-day managers and event bookers at Allegiant Stadium, but they contractually work for the Raiders.  In the Oakland Coliseum case, the Raiders had no role as stadium manager: SMG and then AEG were hired in the role by the Oakland Alameda County Coliseum Board, and then reported to the Oakland Alameda County Coliseum Board, and not the Raiders.  The difference is revenue: in the Las Vegas case, the event control aspect of the contract allows the team to realize a new, and large, stream of money it did not have before.   That will be the case for the Washington Football Team. Virginia Stadium Authority Bills Fall Short With Respect To Revenue Collection For Construction While the bills SB727 and HB1353 point to the same basic structure, they have slightly different revenue collection objectives, but cause concern with this vlogger. First, SB727 calls for the "Virginia Football Stadium Authority Financing Fund" which is described: There is hereby created in the state treasury a special nonreverting fund for Authority to be known as the Virginia Football Stadium Authority Financing Fund. The Fund shall be established on the books of the Comptroller. All revenues to which the Authority is entitled pursuant to ะท 15.2-5837, any other moneys that may be appropriated by the General Assembly, and any moneys that may be received for the credit of the Fund from any other source shall be paid into the state treasury and credited to the Fund by the Comptroller as soon as practicable following their receipt. Second, HB1353 also calls for the same Virginia Football Stadium Authority Financing Fund.  But the issue here is neither bill points to a source of tax revenue that's large enough to then realize formation into a bond issue to provide the kind of stadium subsidy necessary to help pay construction costs on what is sure to be a new facility that costs around $2 billion to build.  Where the Las Vegas Stadium Authority immediately focused on the formation of a new stadium hotel tax, the bills HB1353 and SB727 do not identify any large-scale source of revenue.  Let's take sales taxes. Now, the way this reads, only the sales taxes generated in the stadium and on what is called "the campus" can be used toward a bond issue for stadium construction.  But, from calculation experience, generating stadium sales tax revenue from the proposed facility itself and nothing else, will not cover the debt service on a billion-dollar or half-billion-dollar bond issue.  Now, if County or State Sales Taxes were the target, then we're looking at better numbers, but not in the way this is currently proposed. Unlike what was reported in the Washington Post, these bills are not "vastly" different, and the most important place they are alike is in revenue collection for a stadium bond issue.  Right now, and a spreadsheet will show this, there's not enough money. I will talk more about this during the livestream. Read Oakland News Now, for the rest: https://ift.tt/33E2Y8h
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https://youtu.be/6m1G15CxcMU
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