Author Topic: Potomac Nationals New Stadium - Fredericksburg!  (Read 19792 times)

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Offline imref

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Re: Potomac Nationals New Stadium Watch
« Reply #150: July 15, 2017, 01:14:25 AM »
Some additional detail from the sheriff of Nottingham blog of what the deal would have cost PWC

http://sheriffofnottinghampwc.blogspot.com/2017/07/crooked-stewart-principi-nohe-just.html

Quote
Taxpayers would fork over an initial payment of nearly $25 million in cash to make site improvements, road construction, and engineering costs;
Taxpayers would now buy the land for the stadium and the parking garage for more than $10 million -- a part of a parcel of land land that was bought two years ago for about $500,000 by JBG, the developer;
The Potomac Nationals, because the County would own the land, would have their annual lease payment reduced by about $300,000 a year, to $2.4 million;
Taxpayers would then have to pay nearly a quarter of a million dollars in annual maintenance costs for the stadium;
Taxpayers would build a nearly $50 million parking garage in a bad location with a price tag nearly twice as much as it would cost if it were located at an alternate site that made commuter access to I-95 easier;
Taxpayers would absorb the annual maintenance payment as an offset for property taxes that otherwise would be paid for commercial buildings to be built by the developer next to the stadium; 
Issue taxpayer guaranteed bonds that clearly violate the Credit Clause of the Virginia Constitution.