Dear Friends & Neighbors:
Please help us raise funds to help us fight this "stadium" project. It's not good for Alexandra or Virginia -- or DC. https://gofund.me/0ff89b37
Here's what Roger Noll, a Stanford economist who is an expert on stadium financing has to say about this project: "The version of the report that I saw contained financial estimates of the costs and revenues not just for the arena but for other elements of the development over a 40-year time horizon.
That is, the study creates the illusion of being thorough because it is rich in details about financial performance into the 2060s. But this really is an illusion. Note a disconnect between this statement and your critique as reported in the Post: you are worried about the adverse impacts of the development (environmental, distributional) assuming that the plans are a reasonable guess as to what will be built and what business will be created.
My conclusion from reading the report is that there is no reason to believe that the new business they forecast will come to pass, so that the city may end up owning a white elephant with a very high price tag. (This is the arena version of: “The food is terrible and the portions are too small.”)
Most important, the basis for the financial estimates is not explained but seems highly optimistic. Thus, the reality of revenue projections and the adequacy of the financial plan have no clear foundation. Reading this report would not constitute “due diligence” for committing public funds to the project."
Here's a Michael Pope podcast that explains a lot of the financial problems associated with public financing with this and other "stadium" deals. https://podcasts.apple.com/us/podcast/pod-virginia/id1498833592?i=1000640515977
Please be sure to sign up for the virtual meeting with Sen Adam Ebbin and Delegate Elizabeth Bennett Parker sponsored by DRCA
Potomac Yard Arena Town Hall with Senator Adam Ebbin and Delegate Elizabeth Bennett-Parker
Save the Date!
Monday, January 8th at 7:00pm we are excited to host Senator Adam Ebbin and Delegate Elizabeth Bennett-Parker for a virtual town hall to discuss the Potomac Yard arena proposal. The event will be open to neighboring Civic Associations as well as the public, and citizens can submit questions via a form we will circulate in advance of the meeting.
Register at the zoom link above.
Submit questions for the session here: https://forms.gle/Pe2KWnz42m2vr3698
When
Mon Jan 8, 2024 7pm – 8:30pm Eastern Time - New York
Where
https://us02web.zoom.us/meeting/register/tZwpd-GprzouG9xAN_M97TVwsSUpI3GCPZJQ (map)
Our next update will focus more on how you can help stop the Virginia General Assembly from passing legislation to create a sports authority that could issue bonds to subsidize this billionaire's sports complex.