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Subsidized Housing:

Building a baseball stadium for Mandalay and the Atlanta Braves is nothing more than subsidized housing for the rich. The tax payers will spend millions of dollars to build this stadium, spend millions of more dollars on the driveway (road projects necessary to support the stadium), and the tenants get to live there during the prime time of the year. The rent they will pay will only cover a small portion of the interest on the stadium loan. The tax payers get stuck with the rest. If the tax payers are crazy enough to vote for the bond(s) to do this project, they will pay the bill. There is no guarantee the city will even apply the rent payments toward paying down the loan(s). The windfall sales tax revenue this project is supposed to produce will not all go to the city, even if the amount is true. Once again the city has not guaranteed these funds will go toward paying the loan(s). The other revenue producing events will have to take place in the off season (late fall, winter, early spring). Even though we have had some mild winters around here, we have also had some bad ones. Weather will dictate what events can be held in an open air stadium. The concerts the proponents of this stadium claim will produce revenue need to be considered closely. After you pay for the band(s), printing of the tickets, selling of the tickets, advertising, people necessary to work the event, and the clean up after the event, there is not much money left as profit. Restaurants, hotels, and retailers may or may not make extra money because of this event, but once again there appears to be no guarantees any profits will be applied to the original debt of building this stadium. There are only TWO guarantees with this project. First is that Mandalay and the Atlanta Braves will get a sweetheart of a deal. Second is the tax payers in Wilmington are going to be responsible for millions of dollars in loans. Everything else is nothing more than speculation and conjecture. Do you really think if the other events that can be held at the stadium generated massive amounts of profit that Mandalay and the Braves just wouldn't build the stadium themselves and keep these profits also? This project is the many paying millions of dollars so a few can profit.


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