Stadium Funding Proposal
I will post the instruction and criteria on the next step.
I think you need to find a citation for an additional research. Do not worry a part on criteria said need to cite through course material, I will covered that once I have the essay.
Discussion Response #7 Prompt:
In this week's lecture,we discussed the various aspects of public finance of sport stadiums, facilities, and infrastructure. Specifically,we focused on the tangible and intangible benefits of cites and states using public funds to construct these values. We discussed how in many cases the projected benefits are overstated and the costs underestimated.
For today's discussion response, Iwant you to find newspaper article of a recent stadium proposal and critically appraise the tangible and intangible benefit claims in the announcement. First, explain the details of the stadium funding proposal. What are the proposed benefits? How are they measured? Next, Iwant you to explore the intricacies of the plan using concepts from the class (i.e. multiplier effect, substitution effect, leakage, crowding out). Based on what you know from class, are these promises likely be realized? Are the benefits overstated? What are the costs attributed to the deal? Do they discuss negative externalities.Overall,do you think think this deal is good or bad for the taxpayers.
An article in the Tennessean outlines a proposal to build a $2.1 billion stadium for the Tennessee Titans in Nashville (Stephenson, 2023). In the proposal, the Tennessee Titans and the National Football League (NFL) would provide $840 million in private financing, Tennessee State would contribute $500 million in bonds, and revenue bonds by Nashville city would cover the remaining $760 million. Approval of the deal would make the combined contribution of the state and the city ($1.26 billion) the highest public subsidy in the history of the NFL.
The deal to construct a new stadium and develop areas around the stadium is bound to generate significant benefits. Development surrounding the stadium is expected to generate tax revenue, while the stadium itself is bound to attract about 28 non-football events annually (Stephenson, 2023). As per leaders in the tourism and entertainment sector, the new stadium would allow for hosting more and larger events, contributing to the city's long-term growth. In addition, as part of the deal, the Titans pledged to contribute more than $47 million to nonprofits focused on affordable housing, inclusion in sports, and public education.
Although...