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FYI... there is a story on the front page of the Sports section regarding the Finance Plan today in the Oregonian. It has not, however, made it online yet. Hunt's been notified and I'm sure it will be available in a bit.

What did make it online was the sidebar that accompanies the article. The details of the finance plan are within it. See below:


Read the details of the Finance Plan presented within John Hunt's article here on the Oregonian website.

The details of Portland's $350 million stadium financing plan:

State income tax, $115 million: After the passage of Senate Bill 5, the projected revenue (from taxes paid by home and visiting teams) has been revised downward from $150 million. The $115 million also assumes a Portland team payroll of $75 million in the first season and a 5 percent annual growth in salaries for all teams.

Ticket tax, $85 million: From a 10 percent fee on tickets sold at the new ballpark and the temporary facility, PGE Park. Assumes attendance averages of 20,204 at PGE Park and 27,965 at the new 38,000-seat ballpark.

Stadium district tax, $56 million: Businesses in stadium district (those within a half-mile or three-quarter mile radius of the ballpark) would be required to obtain a license. A tiered system, based on the location and type of business, would be set up, with businesses taxed at "a rate of a few hundredths of 1 percent" of gross receipts. The $56 million also includes revenue from parking.

Concessions/merchandise tax, $29 million: An 8 percent fee on products sold at the stadium, projected to grow by 3 percent annually.

Reallocation of hotel and vehicle taxes, $13 million: These Multnomah County taxes (the Visitor's Development Fund) are paying for the $38.5 million renovation of PGE Park. If a major league ballpark is built, the city would tear down PGE Park, redevelop it and apply the VDF money to financing of the new stadium.

Team lease, $12 million: A lease payment by the team would begin at $3.5 million and grow by 3 percent annually.

Charter seats, $25 million: This plan, based on fans paying up-front premiums for the best seats, assumes 5,000 seat licenses at an average cost of $5,000 each.

Tax increment financing, $10 million: Money that could be used if the stadium is in an urban renewal area (such as the U.S. post office site or the Rose Quarter site).

Local Improvement District, $5 million: Funds to pay for off-site improvements such as streets, utilities, etc. -- John Hunt
 
Posts: 15761 | Location: Baseball Wonderland | Registered: March 12, 2001Reply With QuoteEdit or Delete MessageReport This Post
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