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Old 11-14-2013, 10:37 AM
 
9,994 posts, read 6,991,612 times
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Cobb releases details: http://matchbin-assets.s3.amazonaws....bb_summary.pdf
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Old 11-14-2013, 10:48 AM
 
Location: Orange Blossom Trail
6,385 posts, read 4,571,229 times
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Cobb disputes Atlanta mayor?s claim Braves will need light-rail - Atlanta Business Chronicle

this dude man......
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Old 11-14-2013, 10:53 AM
 
Location: Orange Blossom Trail
6,385 posts, read 4,571,229 times
Reputation: 2585
Quote:
Originally Posted by lady's man View Post
comparing one of the worst franchises in all of sports to the braves is just plain silly. Pro sports don't belong in the state of florida... At least not yet. The braves are not only one of the most successful franchise in baseball (in terms of winning and fan support), but they are also one of the best run teams in baseball (financially). The braves will unequivocally make more money by moving to cobb county.
foolish....
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Old 11-14-2013, 10:53 AM
 
28,269 posts, read 24,886,716 times
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It's almost as if "rail" has become code for "bringing undesirables."

Rail advocates need to work on the image of rail transportation.
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Old 11-14-2013, 10:57 AM
 
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Funding sources:

1. Existing Hotel/Motel Tax – (Cobb County Portion)
2. Reallocation of existing Property Tax Revenues (no increase in property tax millage rate for Cobb County homeowners)
3. New three percent Rental Car Tax (to be approved by County)
4. New Cumberland Special Service District Tax (Consists of approximately three mills property tax increase in approximately the footprint of the Cumberland CID.)
5. New Cumberland Special Service District Hotel Circulator Fee ($3 per room per night charge for hotels and motels in district footprint)


Looks like county is paying $300m plus taking out $92m in bonds for the Braves to pay back with rent. The Braves minimum commitment is $230m and max is $280m.
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Old 11-14-2013, 11:09 AM
 
Location: Home of the Braves
1,164 posts, read 931,853 times
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Quote:
Originally Posted by jsvh View Post
Looks like county is paying $300m plus taking out $92m in bonds for the Braves to pay back with rent. The Braves minimum commitment is $230m and max is $280m.
$280 million is the Braves upfront commitment, paid by Opening Day 2017. Then $92 million (financed by the county) paid over the 30-year term, for a total commitment of $372 million.

I don't like $8.6 million annually in "reallocated" property tax revenues. I want to see what those revenues are being reallocated from, and why they're no longer needed for their existing purpose. On the face of it, this seems to justify the "furloughed teachers" criticism that I'd been calling a strawman argument.

I also want to know who's on the hook for overruns.

I'm glad they've released this information and it doesn't look like a terrible deal, but there's still some key pieces of the puzzle missing.
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Old 11-14-2013, 11:14 AM
 
687 posts, read 516,164 times
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Watching Fox 5 this morning and suddenly it all became clear.

On the traffic report it said the journey time on the 75 southbound was like 32 minutes to travel 10 miles and a similar trip time on the 400 coming south-bound to the perimeter.

The majority of the people commuting into Atlanta/Perimeter from the Northern suburbs (those same people that make up the core of the braves ticket holders) simply don't mind spending endless hours of their weeks stuck in traffic so the fact that it might take 60 minutes to travel after work from say Buckhead to the new stadium really won't bother them.
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Old 11-14-2013, 11:31 AM
 
329 posts, read 313,025 times
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Quote:
Originally Posted by Cameron H View Post
$280 million is the Braves upfront commitment, paid by Opening Day 2017. Then $92 million (financed by the county) paid over the 30-year term, for a total commitment of $372 million.

I don't like $8.6 million annually in "reallocated" property tax revenues. I want to see what those revenues are being reallocated from, and why they're no longer needed for their existing purpose. On the face of it, this seems to justify the "furloughed teachers" criticism that I'd been calling a strawman argument.

I also want to know who's on the hook for overruns.

I'm glad they've released this information and it doesn't look like a terrible deal, but there's still some key pieces of the puzzle missing.
Reallocated from WHAT? Public Safety? Roads and bridges? I was not aware we have lots of tax dollars being wasted that we can "reallocate" to give to the Braves.
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Old 11-14-2013, 11:38 AM
 
Location: Home of the Braves
1,164 posts, read 931,853 times
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Quote:
Originally Posted by Cameron H View Post
I also want to know who's on the hook for overruns.
Correcting myself: The released information does indicate that the Braves are responsible for any cost overruns.
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Old 11-14-2013, 11:46 AM
 
1,114 posts, read 1,947,541 times
Reputation: 700
Quote:
Originally Posted by Cameron H View Post
$280 million is the Braves upfront commitment, paid by Opening Day 2017. Then $92 million (financed by the county) paid over the 30-year term, for a total commitment of $372 million.

I don't like $8.6 million annually in "reallocated" property tax revenues. I want to see what those revenues are being reallocated from, and why they're no longer needed for their existing purpose. On the face of it, this seems to justify the "furloughed teachers" criticism that I'd been calling a strawman argument.

I also want to know who's on the hook for overruns.

I'm glad they've released this information and it doesn't look like a terrible deal, but there's still some key pieces of the puzzle missing.
The math isn't quite working out...

Braves need 6.1M/yr minimum to clear 92M of the bond. That leaves 208M for the county to pick up (assuming an accurate budget). They would need to pick up ~13.8M/yr in extra cash to pay off the balance assuming similar finance terms. Taking away 8.7M the fine residents of Cobb are already on the hook for regardless if they asked for it, there's a minimum of another 5.1M they need to pick up. The whole county only clears $10M/yr in hotel taxes and it seems unlikely upping the mills on such a small section of the county (a solid 30% increase no less) + rental cars (who rents in Cobb?) would actually clear enough to fulfill the balance. At the end of the day they dip into the General fund every time their existing hotel tax creates a gap so I'd venture the property tax would get hit much harder.

Looking at their budget docs, they don't magically have $9M sitting around so they're definitely pulling some voodoo math to finance most of this. Factor in some overruns since it seems Braves will drop their cash up front and have Cobb pick up the tab when the actual constructions starts (it ain't an overrun if they change the estimates before digging).

If these brilliant stewards of Cobb County mess this up it sounds like Fulton will have a great opportunity to expand their borders further.
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