KNES 280 Lecture Notes - Lecture 8: Joe Robbie, Tax Exemption, Naming Rights
22 Aug 2016
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Document Summary
Professional baseball and intercollegiate football launched construction of stadiums. Constraints of urban space imitations caused the irregular sizes and shapes of the older ballparks. Nfl teams played in baseball stadiums until new stadiums were built. 1927: hockey owners copied baseball owners and built arenas. Basketball: arenas owners earn revenue from two teams. Intercollegiate facilities are financed: private donations endowments student fees fundraising campaigns public institutions, public grants. Public owner: manage own facility or contract out for private management. Outdoor or domed facilities: baseball football outdoor soccer. Federal government allows state and local governments to issue tax-exempt bonds. Types of financing: bonds, taxes, and corporate investments. Joe robbie (miami dolphins) privately finances new stadium using stadium revenues as collateral. Promise by the borrower to pay back the lender a specified amount of money, with interest, within a specified period of time. Backed by the local government"s ability to raise taxes to pay off the debt.
