The media blitz has started with a PR from Mandalay that seems a little bizarre.
Here’s the link:
First Mr Neumann needs to keep his nomenclature the same as we are not stupid. Here’s one thing he said:
“While the city of Wilmington is being asked to contribute $37 million for the stadium, the Braves are making a $25 million investment over 20 years, he said.”
OK he CLAIMS the Braves are making $25M over 20 years. What about Wilmington over 20 years? How about $58M Mr Neumann? And that doesn't include other costs like repairs after storms etc...Keep your time frames consistent – otherwise people might mistake you for a snake oil salesman.
Then he said this:
“After construction, the ongoing economic impact would be $9.8 million, with 139 jobs created, Neumann said”
We already know about the jobs – 25 full time and many more part time.
But $9.8M in economic impact?
Pg 114 of NSS says this:
“Overall, the minor league team and ballpark are estimated to generate a cumulative amount of nearly $19.3 million in new revenues to the City over a 20‐year period through ballpark lease payments, sales taxes, property taxes, occupancy taxes and admission fees. The County is anticipated to receive $5.4 million in cumulative new revenues over 20 years including new property tax, sales tax and occupancy tax
19.3 + 5.4 = $24.7M – BUT THIS IS OVER 20 YEARS OR:
24.7/20 = $1.23M per year which includes rent and property taxes. We know the rent will be $500,000.
$1.230,000 – 500,000 = $730,000 of new revenues
Property taxes? On $31M of property? Lets say $200,000
Which leaves us with $530,000 of revenues from out side the stadium
Or the equivalent of a large pet store according to the Brookings Institute.
Now of course the BIG THING is that Neumann again TRASHED the NSS report.
These guys need to fact check what they’re about to say against the NSS study.
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