If I recall correctly, Seattle voters defeated the proposed baseball stadium. It was built anyways -- under a public emergency provision or some such thing. It's an odd world we live in.
I don't quite recall, but a couple of economists wrote a book in the last few years showing, pretty persuasively, that publicly financed stadiums were a net loss for municipalities overall. There are also studies cited that go the other way, but those are usually funded and conducted by pro franchise owners. Edit: I think this book is it: http://www.amazon.com/exec/obidos/t..._books_1/102-3524706-4028155?v=glance&s=books
I expect Jeff and others involved in the SOR campaign are better versed to discuss the economic benefits. I tend to think they don't offset the cost. But am generally still comfortable with some public financing for the same reasons i support public financing of 'the arts.' -- it happens to be what i like in the place where i choose to live. It's just that the cost of nearly everything in the 'sports business' seems to be out of hand of late. Referencing studies on this issue would be difficult at best, as the assumptions around multipliers, spin-off benefits etc are just so open to interpretation that the writer's bias will almost certainly drive the conclusion.
There's multiple economists who have studied this issue and they all reach the same conclusion (no or negative benefit) which is why Franchise owners now talk about "prestige" rather than mythical economic benefits. While I hesitate to call it a settled proposition, it is very, very close to being one. (particularly when we are talking about projects that dwarf the toyota center in scale and cost). Similarly, the "spin off benefits" (a bunch of minimum wage concession jobs) is a nano-drop in the ocean of the local economy. Look at real estate prices in manhattan, you really think that the value added of a stadium in the middle of it is going to enhance them? (as stadia are supposed to do in downtown areas of other cities) But I digress, the situation for the Jets is different. This isn't Baltimore or Cleveland desperately trying to hold onto its NFL team to preserve its status as a "big league" city, or Memphis trying to attract an NFL team to become one. Hell, it's not even Houston trying to avoid the embarrasment of losing another franchise This is New York City. The Jets would make more money (as if the freaking Johnson & Johnson family needs more money anyway!!!!) playing in a privately financed stadium in New York than in a publicly financed stadium in Memphis or Portland or wherever. The city, with its 11+ million person market (and with another NFL team in its back pocket) has a superior bargaining position. In other words, the Jets need NY more than we need them. Accordingly, giving them a sweetheart deal (and a deal that will inconvenience millions of citizens, again, this isn't like throwing up Reliant Stadium in a parking lot south of the medical center) is just an outrageously stupid idea.
Not that the Jets are going anywhere (and not that I think this stadium deal is worth doing. $600 million in public dollars is incredible), but is a stadium in Manhattan really worth $1 billion more to the bottom line than a stadium in some other market? That's likely to be the difference in cost between building in Manhattan and building in another city (if not more). Heck, half of the Jets' reported $800 million contribution would probably buy at least a stadium and a half in that other market with 11+ million people that doesn't currently have an NFL team (of course, half that Jets' contribution will probably be Resolution G3 money, so it doesn't really come from the Jets). I'm just not sure the financial benefits of being in New York outweigh any other market (especially in a League that shares so much revenue).
That's the foolishness of it all. The Jets could probably build an identical stadium in White Plains or LI or NJ (hell, even Brooklyn or Queens) for much cheaper and make the same amount of money as they would make in Manhattan minus the giant hassle of building a stadium in the middle of manhattan. THe waiting list for Jets season tickets is somethig like 10 years still.
