The public costs of stadiums

from the NYTimes (11/5):

November 5, 2008
As Stadiums Rise, So Do Costs to Taxpayers
By CHARLES V. BAGLI

"Days after taking office in 2002, Mayor Michael R. Bloomberg killed Rudolph W. Giuliani’s plan to spend $800 million in city funds to build baseball stadiums for the Yankees and the Mets, saying they were too expensive during a recession.

Three years later, Mr. Bloomberg unveiled his own plan calling for the two teams to pay the construction costs of their new stadiums, while the city would build public parks, parking garages and transit stations nearby. The cost to taxpayers, the mayor suggested, would be relatively small and the benefits to the city would be great.

“We don’t do subsidies,” Mr. Bloomberg said at the time. “The city is getting paid back at a profit.”

But as the two stadiums near completion, the cost to taxpayers is anything but small, a review of the projects shows. Though the teams are indeed paying about $2 billion to erect the two stadiums, the cost to the city for infrastructure — parks, garages and transportation improvements — has jumped to about $458 million, from $281 million in 2005. The state is contributing an additional $201 million." ...

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