Heavy Lifting - thoughts and web finds by an economist
|I also contribute to Division of Labour||Load HL's Front Page|
Thursday, August 26, 2004
The Census Bureau released the 2003 American Community Survey data:
Some interesting data about Arlington, Texas:
Here is the comparable data for Harris County (Houston, Texas) that build Reliant football stadium a few years back and is having problems paying back the stadium bonds:
Hmmm...can Arlington realistically pay back stadium bonds easier than Harris County, which is ostensibly Houston, Texas? We are one tenth their size and going into debt for about a third or a fourth of what Harris County went into debt to build THREE STADIUMS!! Arlington has a little higher income and does not have the albatross of a public transportation system, but Arlington has only 5,000 hotel rooms and only a scant number of rental car transactions. The reality is that the majority of the stadium debt in Arlington will come from sales tax revenue, mostly paid by Arlingtonians.
The Houston sports authority has annual payments on $900m in debt whereas Arlington is looking at something like $325-$500m (read the fine print in the master agreement (page 17, subsection 2.8(d)). Houston pays for their bonds with hotel and car rental taxes and the Harris County stadium authority does not receive sales tax revenue. Unfortunately for Houstonians:
Many of those who supported building the venues said the county's residents would not pay the bills - they would be borne by visitors who stayed in local hotels and rented cars.
I would suspect Arlington would be in the same boat - perhaps sinking a little slower because of the additional revenue from the increased sales tax.
Comments: Post a Comment
Le Chai - galerie du vin
Posts that contain Craig Depken per day for the last 90 days.
Heavy Lifting's Main Page
Money I Found Today
Heavy Lifting - Firehose style (56k warning)
- Don't "Houstonize" Arlington
Modified maystar design
powered by blogger