Sharing the Load

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Not all cities are as reluctant as Los Angeles to plunk down public money for stadiums, arenas and convention centers. When developers and investors say they can’t pencil out the projects, taxpayers are asked to pay a share.



San Diego


Facility: Petco Park

Cost: $450 million


The home of the San Diego Padres was originally slated to cost $411 million, with $275 million coming from the public coffers. After nearly four years of construction, the structure opened with a budget overrun of nearly $39 million. The City of San Diego contributed $205.9 million, with the money to be paid back out of hotel bed tax receipts. The Centre City Development Corp., a public non-profit agency created to staff and implement redevelopment projects, contributed $76.4 million. Additionally, the Port of San Diego chipped in $21 million, and the Padres, along with other private investors, contributed $146.1 million.



New York


Facility: Jets Stadium

Cost: $2.2 billion


Financing for the stadium, to be located on the west side of Manhattan, has not yet been approved and no wonder. Priced at $2.2 billion, it would be the most expensive sports facility ever built, with one of the largest public investments. New York Gov. George Pataki and New York City Mayor Michael Bloomberg support the new stadium, which would potentially draw more than $1 billion from state and city borrowing and tax-exempt bonds. Additionally, Woody Johnson, owner of the Jets, is making a private contribution of as much as $1.6 billion. Pataki and Bloomberg aim to have the financing approved by July 6, when the International Olympic Committee will decide on the site of the 2012 Olympics.



San Antonio


Facility: SBC Center

Cost: $175 million


Home of the NBA Spurs, this facility cost $175 million, $146.5 million of it financed with city bonds that were supported by an increase in hotel and car rental taxes. Private financing for the 18,500-seat stadium also home to the San Antonio Livestock Exposition and the San Antonio Silver Stars of the WNBA totaled $28.5 million and came from the Spurs.



Boston


Facility: Boston Convention and Exhibition Center

Cost: $875 million


Entirely public funded. The Massachusetts Convention Center Authority issued $620 million toward the center and the Boston Redevelopment Authority spent $255 million to acquire the land. The adjacent hotel is under construction. The hotel complex is predominantly financed by private investors, but some public money went into site preparation.

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