Plus I assume that like Nationwide Arena its exempt from property taxes (like McKalla) which is additional taxpayer money foregone. The endless hypocritical hue and cry of the Columbus fans decrying Austins "giveaway" is pretty hilarious when you compare subsidies. Almost 6x Austin. Still glad they are getting a sweet stadium for sure though. Lets see 115m/ stadium of $230m+150m?iirc training facility = 30% McKalla $20m/$200m =10% (unclear what subsidies may come with training facility/if located outside Austin city they could definitely get some) I excluded the commercial portion investment of $265m iirc for Columbus because I assume that is not subsidized since its for profit and will be fully taxed.
If weather is such an issue (I get it having been a RBNY season ticket holder - early and late season were unpleasant), why not a retractable dome, so the team doesn't only get support when it's termperate outside?
I was about to ask you what the $20m was for. The property is still going to be owned by Austin and will be collecting rent. If Austin chooses to invest money into a training facility/HQ they will still come out better than the subsidization Ohio is making.
But the opportunity to sell is not lost, they still hold the property(which will increase in value as density increases). And the city of Austin will make $20m in rent over the initial lease term. The city can still sell in 20 years once the lease is up.
True on the rent portion but the present value of it isnt $20m. First of all I thought the rent was around 550k/year starting in yr 6 or around $8.25m total. If that is right the NPV is around $5m at a 5% discount rate assuming they pay starting in 2026 . So you could knock that off the $20m The option to sell is lost though. At least for 20 years and its doubtful the city gets it back in 20 years due to options to extend. 40 years is much more likely. A 30m value in 20 years is worth about $11m in todays dollars discounted at 5% for reference. So yes the $20m is conservative. Maybe $15m if you take the NPV of the rent stream if I am right on the rent. Less if the rent is higher. Whatever its a lot less than Columbus who seemingly was dealing from weakness for whatever reason.
The state is actually contributing $45 mil in total. 15 mil of that was appropriated today, not sure where the other 30 is coming from. It could be future appropriations or perhaps a grant from one of the various development entities. It will end up being $140 mil with 50 from the city, and 45 each from county and state. Some Cincinnati area legislators voted against the 15 mil today (because it's more than FCC got) but it still passed more than 2-1.
Nationwide arena is publicly owned now and thus tax exempt. When it was built, they got a property tax exemption then for economic development but made "payments in lieu of taxes" to the school district. The financing details haven't been released for the new stadium complex but it will probably get an exemption from sales tax on the construction materials. I wouldn't be surprised if the commercial development around the stadium gets tax abatements too. Our city council hands them out pretty freely as their stock in trade. The soccer park is a pretty good deal for the city. The land is currently owned by the fairgrounds and it's not clear how much will be transferred to the city. Currently Mapfre sits on 15 acres and the new park will be about 20 acres. It's budgeted at 100 mil with the team kicking in 50 of that for their new training complex. The rest will come from the city but it already has the money set aside in the parks budget and stockpiled funds.
Not sure if you're serious or not, but we want a grass playing surface. The lot size wouldn't accommodate something like Amsterdam arena or University of Phoenix stadium where the playing surface leaves the stadium for sunlight.
It starts around $550k starting in year 6 your right, around $8.5m. Ill attach the city's cost analysis that said $20m. This is not including any of the affordable housing money, or the $3 million donation to Capmetro. Strictly City of austin rent and tax revenues from the project.
Considering LAFC spent $25m for a NICE training facility/HQ, there is no way it cost $75million dollars for 8 fields and a large warehouse with basketball courts inside. They must be doing a complete overhaul of Mapfre. Or they have to buy Mapfre from the ownership.
Yes, the plans aren't final by any means and the city is soliciting input from residents for what they want at the complex. They'll probably at least remove the upper decks from Mapfre and do some upgrades to the remainder of the structure in addition to building the training center on the SW corner. The Crew don't currently have USL or NWSL affiliates but there's speculation we might have one that plays at the former Mapfre in the future (unless the USL side goes in Cleveland). Also there've been a lot of rumors to the effect that after the training complex is built, the Cleveland Browns will hold their summer training camp there.
Having been shown the current Crew training facility, happy y'all will get a real one out of this deal.
Comparing the two deals is inevitable, and details on both are somewhat murky at the moment. But do remember, there are TWO projects going on in Columbus, not one. And both contain a lot of stuff that is not related to the soccer team. Community park, infrastructure and development at Confluence where the casino was supposed to go. The city is getting to finish off the Arena district there. Hopefully in a way that allows them to keep/reconfigure ROTR as well.
Lets be real, that's a big new academy facility capable of hosting lower competitive youth soccer (Think Lonestar SC in Austin but much smaller scale). Still impressed! This has everything to do with both the development and the stadium. Ya'll have to get over those train tracks somehow! Last time I looked on google earth, it was surrounded on all sides. I imagine if the development was not part of the project imediately then there wouldve been no reason to spend the money on infrastructure for a lonely stadium. The development anchors the stadium, where otherwise it likely would not have been feasible until quite a few years down the road. I wouldve never thought a city could love Korean punk rockers as much as Columbus does.
The parcel with railroad tracks on all 3 sides is owned by the Savko brothers and not part of the proposal. It has a narrow frontage on Nationwide Blvd between the rail bridges and has a gate. There are rumors that CSX is willing to give up one of the lines but apparently it wasn't done in time. I thought the project would use Savko's 9 acres but instead the parcel west of the former casino site was used. It's currently already owned by the city and used for parking and storage. You'll probably see a bunch of snowplow dumptrucks parked there currently. The Savko's are going to make out like bandits if they keep their property. There is a parcel to the north of the rail line owned by the Schottenstein's that will now be developed too, though not as part of the stadium deal. It's been more than 60 years but several times since 1900 that area has been under water when there were major floods on the Scioto. We've been removing dams on the river over the last 10 years or so. There is a floodwall for the west bank of the river, Franklinton, but not for the east bank.
VIDEO:From our chat with PSV President Dave Greeley after the City/ PSV finalize the contract for an MLS Stadium "It's a celebration, man. You know I can't do Andres Cantor but this is definitely a big GOAL!!! for everybody here in Austin."@SpecNewsATX l @mls2atx #MLS2ATX pic.twitter.com/WufjLa7ojI— Will Sherratt (@willsherratt) December 19, 2018 For everybody who has been following! Dave Greely lays out how the ownership transfer will work in this video!
If it's of interest, Kasich signed the state appropriations bill today including the contribution to Crew stadium. Franklin county commissioners unanimously approved their 45 mil yesterday. City council approved their contribution last week. So the government financing part of the projects is in place in Columbus.
Wow that guy is a joke. Here this is and you don't have to believe it or care but I cant resist. I worked on the business side of pro sports for a while. If you're unlucky enough to be in it long term you realize that it is an industry where most people cross paths at some point in there careers. I did not work in MLS as at the time, MLS was still gaining its foothold in the sports business world. There are many people who worked with and for Greeley...most of them think and know he is not good at what he does and this can be proven with numbers (see tenure with the Fire). Sure I am a crew fan and you can take this any way you want. I don't blame you. The fact that this guy has anything to do with a sports organization is scary. I have always felt and has been speculated by others, is PSV will sell to local. It could be half, full or part, no one knows but many seem to be confident he wants local partners to assist with sponsors and capital. Once this happens ATX will be in great hands and Greeley will most likely move on. You should all be excited and there is plenty of time for better things to come.
I would always want to see grass, but if the weather is a significant issue impacting attendance then I'd think a covering should be discussed, too. I certainly wouldn't want to go for a cold weather game. Prior to seeing a football game in the Cowboys' stadium and an Astros game in their dome, I hated the idea of domes, but that climate control and lack of rain/snow is nice. But when I saw Mexico play the USMNT at the Alamo Dome that surface was an embarrassment - seams and divots all over the temporary grass.