A tale of two cities:
In 2010 the Winston Salem Dash paid the city enough funds to cover the debt service, paid the city property taxes on the land that otherwise would not be taxed, paid the County taxes on that same property, covered the operating costs, and at the same time allowed the city to profit $86,000. This tam is wildly popular in WS. They have the attendance figures to prove it - we don't have figures, we have estimates.
In 2010 the city of Durham had to transfer $1,600,000 - that's right $1.6M from property tax revenues to cover the losses incurred by the Durham Bulls.
Both cities have a long history of minor league baseball.
I don't believe in property taxes funding this type of project. Revenue bonds were the way to go.
Now the new paradigm for businesses is this. If you do a study that says your business could provide economic impact for the city of Wilmington the city could then use property taxes to build your facility for you.
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