Super Bowl Lands on Taxpayers’ Backs [View all]

[marmar]

(Bloomberg) While Super Bowl fans are riding zip lines through downtown Indianapolis this week in the runup to the National Football League’s championship game, taxpayers are digging deeper in their pockets to pay for the stadium where the game will be played.

The $720 million Lucas Oil Stadium, where the New York Giants meet the New England Patriots on Feb. 5, has prompted local officials to raise hotel, restaurant and rental car taxes, and make other payments on top of about $43 million in unexpected financing costs related to their sports and convention facilities.

“They said, ‘We’re going to have one great fantastic party with an unbelievable advertisement for Indianapolis (8383MF) and it isn’t going to cost taxpayers a dime,’” said Pat Andrews, 60, a blogger and community activist who ran unsuccessfully for City Council last year. “Well, baloney.”

Plans for the 63,000-seat stadium that opened in 2008 as the home of the Indianapolis Colts were unveiled almost a decade ago. Since then, the collapse of the auction-rate bond market has led officials to restructure what grew to $666.5 million of public debt. ..................(more)

The complete piece is at: http://www.bloomberg.com/news/2012-02-02/super-bowl-lands-on-taxpayers-backs-as-stadium-deal-turns-sour.html