‘The biggest hurdles for the project could come in the form of politically strange bedfellows: progressive Democrats generally opposed to what they call “corporate welfare” and conservative Republicans who have traditionally frowned on using taxpayer dollars for projects benefiting private investors.’
Archives for March 29, 2022
What’s in agreement to build new Buffalo Bills stadium?
‘The state will own the new stadium and the surrounding complex, which will then be leased to the Bills. (The terms of the lease weren’t fully disclosed.) The state will also take over ownership of Highmark Stadium and the team’s practice facilities.’
Deal! Buffalo Bills getting new $1.4-billion stadium next door to old digs
‘The team also agreed to a strict new 30-year non-relocation agreement.’
Buffalo Bills Strike Deal for Taxpayer-Funded $1.4 Billion Stadium
‘Under the deal, the state would finance $600 million of the construction costs, while Erie County, where the stadium will be built adjacent to its current home, would cover $250 million. The remainder would be financed through a $200 million loan from the N.F.L. that was approved on Monday, plus $350 million from the team’s owners.’
Hochul commits $600 million in state funds for new Buffalo Bills stadium as budget talks continue
‘“I’m pleased that after months of negotiations, we’ve come out with the best answers possible – the Bills will stay in Buffalo for another 30 years, the project will create 10,000 union jobs, and New Yorkers can rest assured that their investment will be recouped by the economic activity the team generates,” Hochul said in a statement.’
Buffaloing the taxpayers: The public shouldn’t foot such a big bill for the Bills
‘Buffalo Bills superfan Kathy Hochul, now governor of New York, got her priorities wrong when listing her goals for a new stadium deal for the profitable football franchise. She says she wanted to keep the team in town (actually, in the suburbs), wanted construction jobs created and wanted to protect taxpayers. Sorry, ma’am, as governor, your first obligation is always to the taxpayers, and this deal hit them deep in the wallet.’
Buffalo Bills secure deal for $1.4B stadium thanks to record $850M from taxpayers
‘The agreement followed weeks of closed-door negotiations between Hochul, Erie County officials and Bills owner Terry and Kim Pegula – who had threatened to relocate the franchise unless the state provided public funding toward a new stadium.’
Hochul offers massive taxpayer-funded deal to keep Bills in N.Y.
‘Hochul, an avid Buffalo Bills fan who is from Erie County, emphasized her central goals during private negotiations — which the public were not privy to and that the governor would rarely give any indication about where things stood — was to keep the Bills in Buffalo, ensure jobs for western New York and “get the best deal for taxpayers.”‘
Churchill: With Bills giveaway, Hochul (and taxpayers) got fleeced
‘Hochul either got snookered or simply doesn’t care about doing right by taxpayers. Because by the standards of other recent stadia for NFL franchises, the agreement she announced Monday is absurdly generous.’
Editorial: Taxpayers paying a heavy price to keep the Bills
‘The deal is not only out of line with the comparatively low economic benefits the state can realistically expect, it’s out of line with what other governments have paid to retain sports teams and the largest public subsidy ever paid for an NFL stadium.’
Tuesday’s Chicago Coverage
Column: Ryan Poles has more work ahead to upgrade the Chicago Bears offensive line after missing out on Ryan Bates (Chicago Tribune)
Bears lose out on OL Ryan Bates as Bills match offer sheet (Chicago Sun Times)
Bills to retain Ryan Bates by matching Bears offer (NBC Sports Chicago)
Buffalo Bills, New York State Strike $1.4 Billion Stadium Deal
‘The new facility will have space for at least 60,000 fans and will be located adjacent to the team’s current stadium in the Buffalo suburb of Orchard Park, officials said. The state will own the facility, which could also be used for concerts or soccer matches, and its outlay represents the largest public subsidy for a sports stadium in U.S. history.’
Bills To Retain OL Ryan Bates By Matching Bears’ Offer Sheet
‘He’s a third-year player who went undrafted out of Penn State and was acquired by Buffalo in a trade that sent defensive end Eli Harold to the Philadelphia Eagles in August 2019. Noted for his versatility for being able to play each position on the line, Bates appeared in 41 games, including four starts last season with the Bills.’
Bills’ New Stadium Deal Carries $850M Taxpayer Tab, Gov Says
‘New York will commit $600 million in funds in a deal reached in time for Hochul to include it in the state budget, which by law must be approved by Friday. Erie County will commit $250 million toward the project, while eventually relinquishing control to a newly established state-appointed commission.’
Buffalo’s Billion Dollar Tax Fumble
‘These are very familiar claims when public tax subsidies are sought by sports or other businesses (I heard a lot of these pitches when I was a New York State Deputy Commissioner of Economic Development.) But economists have shown over and over again that sports—really just a form of entertainment for economic purposes— are not significant drivers of economic activity, and that the claimed positive impacts almost never net out in reality.’