Capitals owner unveiling plans for new arena in Northern Virginia

[Midnight Judges]

You are the victim of failing to grasp a very simple concept. The 4 miles separates two different States/Districts. The tax raised from the Arena goes to the District of Columbia, as well as all the surrounding economic activity including sales tax. If the arena is in Alexandria, then the State of Virginia gets the economic benefit. What do they care about DC? It's a soft on crime sh!thole anyways.

Ah. And there it is.

It's just those "other" people who live in DC, eh? To hell with those people!

Ugh.

 

[Look Up]

Two extra stops on the subway and have to transfer lines?? Sorry, have to quit going to games.

 

[Cas]

correct and VA is capitalizing on that portion. Basically Leonsis is moving from a blue state/district with high taxes and high crime to a red state with lower taxes and lower crime. Need I say more.

Leonisis is moving to where he got a sucker to pay for his stadium.

 

[AcerComputer]

$106 million? Virginia (meaning both state and municipalities) is paying something like $2 billion in direct funding and foregone taxes used to pay off the bonds.

What does it matter? If they don't do the deal they never get those taxes - that's what we call an opportunity cost. The bonds also have interest attached to them. Do you think it's better if DC pay $500m to renovate their existing arena?

 

[Random schmoe]

So much wrong information being thrown around here.

Monumental’s framework agreement with Virginia calls for Monumental to invest $403 million in the $2 billion development. Alexandria will put in $106 million toward the construction of the performing arts venue and the development of underground parking.


The rest — approximately $1.5 billion — would be supported through bonds issued by a newly established stadium authority. Those bonds would be repaid over time through rent paid by the teams, parking fees, naming rights and new tax revenues generated by the development.


There are no proposed tax increases for local residents.

What impact could bringing Capitals, Wizards to Northern Va. have on taxpayers? - WTOP News

The proposed deal to build a sports complex for the Washington Wizards and Capitals in Alexandria, Virginia, could prove costly for taxpayers, according to Patrick Hedger with the Taxpayers Protection Alliance.

wtop.com

 

[Hivemind]

The articles you posted actually supports the point I am making.

This just proves you didn't read them.

 

[Leonardo87]

Getting too political.

 

[cptjeff]

Virginia is kicking in $106M. Much less than what DC was offering to upgrade the existing arena at the cost of $500M. So it's a huge win for DC as they don't benefits from having a sports arena there anyways, huge drain on government resources keeping the billionaires fat cats happy. They can pocket those savings and re-invest the money into their city by making it safer and reducing crime.

To be clear here, DC's offer was $500m in *financing*, not funding. DC wouldn't be paying the team money, they would be loaning the money. VA is offering both financing and funding- as in actual payments towards the project.

 

[Cas]

To be clear here, DC's offer was $500m in *financing*, not funding. DC wouldn't be paying the team money, they would be loaning the money. VA is offering both financing and funding- as in actual payments towards the project.

Let's also be clear - Virginia, between the state and cities, is offering closer to $2 billion, mostly in foregoing taxes they would otherwise be able to collect or are collecting now.

 

[jetsforever]

Basically just getting a new arena, not too exciting unless you live around there

 

[Dolemite]

This is just the beginning.

 

[Midnight Judges]

Guess who's going to own all the restaurants around the new facility.

 

[Djp]

Politicians lie, it's been proven over and over again by numerous reports, just browse on Google, that stadiums don't actually bring in that many jobs. The vast majority are temporary, like the construction workers and the rest are part time jobs that pay minimum wages or slightly above and don't include benefits because the workers aren't full time. The amount of actual full time workers with benefits is generally just in the hundreds.

On the issues of stadiums being good or bad for business ---it depends.

most studies done are biased because sports teams are already there. they dont have a benchmark of before and after.

Will politicians inflate the numbers yes.

Construction jobs are always temporary. they are project driven. They move from project to project. thats how their employment operates.

Some studies will count associated area development affects like with restaurants and retail opening near the place.

The area where the arena will ne build has already been planned. with virginia tech campus being built in this area and some other associated jobs in tech coming into this area (most of these are just moving from elsewhere in metro DC)

After the news local residents are pissed about this being secret. the Alexandria city mayor has gotten an earful.

 

[Djp]

Guess who's going to own all the restaurants around the new facility.

they will likely not. in the new development many of the current owners will be getting first dibs on retail space.

For example target is next to the metro station. what likely happens is it becomes the first two floors of a high rise in that lot area.

 

[Midnight Judges]

Indeed the entire thing appears to have been a secret operation with zero transparency from Virginia's Governor.

It is truly bizarre that such a big project could get this far without the slightest bit of information being shared with the people it impacts.

they will likely not. in the new development many of the current owners will be getting first dibs on retail space.

For example target is next to the metro station. what likely happens is it becomes the first two floors of a high rise in that lot area.

The Target area is a bit of a walk though. The immediate area is all owned by Ted and his buddies.

Edit: Eh maybe it's not that much of a walk. Yeah I think you're right actually.

 

[CharasLazyWrister]

To say that Politicians lie is disinformation and undermines democracy

Unless you can provide any proof to back up what you are saying, you are you are is essence just making stuff up. Look into the multiplier effect when it comes to adding a new job, it creates 4-5 other new jobs that indirectly support it. The arena may only directly bring in 6,000 new jobs, but with the multiplier effect it actually creates 30,000 jobs in total. You are also assuming that they won't be adding new roads and developing the infrastructure. So the traffic issue you are so worried about could be resolved if this new arena deal goes through. The owner also said most of the season ticket holders are located in VA and not in DC. Additionally, the City is only kicking in $106M of the $2B deal. $1.5B will be through State issued bonds that will be repaid.

I always love the whole "repaid bonds don't count" argument.

What usually happens is the owner gets to avoid taxes, pays back the massive sum of money at an insanely low interest rate, and all the risk of default gets offloaded onto the government/taxpayers.

The idea that paying no taxes, and paying off a 4% city loan isn't a massive corporate-fueled grift on taxpayers is utterly insane.

If you really want to get into how bullshit all this, go read a bit about the Yankees and their new stadium. What exactly did the construction of a $2 billion stadium do for the Bronx? Did it alleviate poverty? Did it improve the community? No. It made a few already rich people that much richer, and once the construction was over...created a few hundred low paying jobs. And they got the forever benefit of not having to pay any taxes.

Any actual look into this beyond the corporate-fueled, "job creator" propaganda reveals how bullshit it all is. Building a billion dollar arena in one place doesn't produce any sort of net positive for society as a whole. How many publicly-funded mega-structures need to be built before everyone gets it?

 

[MetalheadPenguinsFan]

“Virginia Capitals” really sounds weird.

 

[TheMoreYouKnow]

“Virginia Capitals” really sounds weird.

But we all got used to "Maryland Commanders" and "New Jersey Giants", so it'll be fine.

 

[John Price]

Va. Senator: Bill for new Wiz, Caps arena is dead

A leading Democratic Virginia legislator says a proposed bill paving the way for the NBA's Wizards and NHL's Capitals to relocate to northern Virginia is dead.

www.espn.com

Hope it was worth it to flirt with VA. Now Ted will always be known for trying to bolt DC for VA for a "failed" deal

 

[ilyazhito]

Wow. I wonder if that means the Capitals will be staying in DC after all.