Cobb County paying $302 million toward Braves new stadium (rental car, rental)

[toll_booth]

Cobb County paying $302 million toward Braves new stadium | www.ajc.com

They are going to use taxpayer money. But this is less than the $450 million initially reported.

[jsvh]

Originally Posted by toll_booth

Cobb County paying $302 million toward Braves new stadium | www.ajc.com

They are going to use taxpayer money. But this is less than the $450 million initially reported.

I put this in the main thread:

http://matchbin-assets.s3.amazonaws....bb_summary.pdf

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.

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)

[Cameron H]

Originally Posted by jsvh

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.

I noted this in the other thread, too, but the $280 million is upfront commitment, paid by Opening Day 2017; add the $92 million over the term and the total commitment from the Braves is $372 million.

[Sprial]

No increase in taxes for homeowners, but still using property taxes and the Cobb citizens are unable to vote against (or for...) it. The devil always dwells in the details.

And who really thinks the stadium's cost will actually fall below $700 million? Or even $800 million? The new Falcon's stadium cost jumped 20% in a month...

[WmMeeker]

Originally Posted by Sprial

No increase in taxes for homeowners, but still using property taxes and the Cobb citizens are unable to vote against (or for...) it. The devil always dwells in the details.

And who really thinks the stadium's cost will actually fall below $700 million? Or even $800 million? The new Falcon's stadium cost jumped 20% in a month...

I think it will come in at or below cost. Cobb does not play the overrun game very well. The county is very tight and efficient about making contractors live up to what they bid.

[Cameron H]

Originally Posted by Sprial

And who really thinks the stadium's cost will actually fall below $700 million? Or even $800 million? The new Falcon's stadium cost jumped 20% in a month...

Braves own the design and construction project and are responsible for any cost overruns.

[alco89]

Originally Posted by Sprial

No increase in taxes for homeowners, but still using property taxes and the Cobb citizens are unable to vote against (or for...) it. The devil always dwells in the details.

And who really thinks the stadium's cost will actually fall below $700 million? Or even $800 million? The new Falcon's stadium cost jumped 20% in a month...

Well, baseball stadiums ARE cheaper than football stadiums, so it should fall below that. Especially when you figure in this one won't have a retractable roof, conversions for basketball/soccer, etc...

However, cost overruns are possible. Seems like the most common ones across the metro area are due to running into granite rock (which Idk how they DON'T know it's there) or unknown underground utilities (in the city). If there are overruns the Braves will be responsible I think, just like the Falcons.

[Mishap]

Originally Posted by WmMeeker

I think it will come in at or below cost. Cobb does not play the overrun game very well. The county is very tight and efficient about making contractors live up to what they bid.

The county isn't that tight & efficient if they have a secret 8.6M/yr slush fund they magically found after they cut services & school funding rather than burden their residents w/ higher taxes. That's almost 3% of their annual budget which isn't exactly chump change.

You're also assuming the County has any control over this. While the Braves may have responsibility on the stadium (and potentially the bidding process there), I'm sure there's additional details in terms of the infrastructure improvements and other items.

[cqholt]

Reallocation of existing Property Tax Revenues (no increase in property tax millage rate for Cobb County homeowners)

So they cut funding for schools, but relocate funds from its primary funding mechanism to pay for a stadium that will be used 80-82 times a year? Smart Cobb!

[jsvh]

Originally Posted by Cameron H

Braves own the design and construction project and are responsible for any cost overruns.

I will be interested to read the actual contracts if anyone can find them. It says the Braves are paying minimum $230m but "up to" $280m. However, are responsible for cost over runs. So what happens if they go over the initial budget more than $50m?