Pegulas propose new Buffalo stadium with 100% taxpayer funding

[DonMan]

Bills seek new Orchard Park stadium costing at least $1.1B – paid for by public

Pegula Sports and Entertainment, the team’s owners, have pitched a $1.5 billion proposal for a new stadium in Orchard Park and to help cover some renovation costs at KeyBank Center

buffalonews.com

They are proposing building a new stadium near the old one, estimated cost $1.1 billion, with another 400 million thrown in to renovate the downtown hockey arena.
Under their (initial) proposal, the taxpayers would pay for the whole thing, with the county owning the stadium.

If I'm reading these numbers right, that's about the same as the total annual revenue for the county:

https://www2.erie.gov/budget/sites/www2.erie.gov.budget/files/uploads/2021-Budget-Message-And-Summary.pdf

I may have been wrong about the Pegulas being willing to relocate the team. I'm no financial wizard, but from where I'm sitting these numbers just don't add up.

 

[eaglesnut]

Ballsy to build a whole stadium with other people's money

 

[wazzu31]

Bills seek new Orchard Park stadium costing at least $1.1B – paid for by public

Pegula Sports and Entertainment, the team’s owners, have pitched a $1.5 billion proposal for a new stadium in Orchard Park and to help cover some renovation costs at KeyBank Center

buffalonews.com

They are proposing building a new stadium near the old one, estimated cost $1.1 billion, with another 400 million thrown in to renovate the downtown hockey arena.
Under their (initial) proposal, the taxpayers would pay for the whole thing, with the county owning the stadium.

If I'm reading these numbers right, that's about the same as the total annual revenue for the county:

https://www2.erie.gov/budget/sites/www2.erie.gov.budget/files/uploads/2021-Budget-Message-And-Summary.pdf

I may have been wrong about the Pegulas being willing to relocate the team. I'm no financial wizard, but from where I'm sitting these numbers just don't add up.

If the county owns the stadium why shouldn’t they pay for the whole stadium?

 

[ellupo]

If the county owns the stadium why shouldn’t they pay for the whole stadium?

Why do they need a stadium? How long till they earn that money back?

 

[wazzu31]

Why do they need a stadium? How long till they earn that money back?

That is up the local officials. The Mariners paid theirs back in 4 years and the Seahawks in 5 with the tax revenue they generated the city. How Seattle did it was a tourism tax so every restaurant, hotel or any facility a tourist would use would have an extra tax on top of it that would go to the city to repay. But it was a partial private and mostly public. Having a city asset like a stadium or arena is better for the public but it also risks having their main tenant, in this case the Bills, leave for a better deal.

 

[RobToxin]