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Re: “Meet the Brewer

The Shockoe stadium plan was going to cost the city $80 million, with $10 million immediately going out the door. I don't know the specifics, but to keep it simple, let's assume that this is in the form of bonds and the team is going to pay back every cent (which I seriously doubt). This project was estimated to bring in $20 million over the next 20 years. I don't know what the incremental revenue and job growth is compared to what the Squirrels are doing today. Any job growth, however, would likely be seasonal, part time jobs, as opposed to full time opportunities with the team. I'll give you that other small businesses in that area will either start up or grow as a result of the stadium.

Stone's project is $75 million project (less than the mayor's $80 million baseball proposal). Take away the bonds that Stone pays back in lease payments and their free $5 mill, Stone is still investing $50 million of their own money into Richmond. I don't believe the Squirrels ownership was doing that. In addition, this project is expected to generate $100 million in revenue in year 4 alone. Some of this money goes back into the pockets of the 288 jobs being created, not to mention local suppliers and service providers. Not to mention small businesses that will pop up near there, especially when the restaurant opens. All of this is NEW money coming into the city and surrounding areas. The Squirrels investment will only produce incremental growth since they are already here and drawing quite well.

As I've said before, I love sports. I support the Squirrels and the Redskins. It's great to have them in town for me and my family. However, just by looking at some back of the envelope math, the ROI of Stone compared these other "investments" that received heavy scrutiny, blows the sports opportunities out of the water.

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Posted by eshine76 on 10/16/2014 at 10:55 AM

Re: “Meet the Brewer

I'd rather see the government throw millions to attract a new businesses that have year round revenue streams and employment. As much as I love sports, those businesses only provide tax revenues and job opportunities for a limited time during the year.

2 likes, 0 dislikes
Posted by eshine76 on 10/15/2014 at 8:09 PM

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