It’s hard to believe that any of the arena backers would be so enthusiastic if they were investing their own money. As an investment, it’s a lousy deal.
Even if you’re using Other People’s Money, it’s still a bad deal. What is the expected return on the arena?
A bad investment is a bad investment, no matter whose money you’re using.
And it’s not like those arena advocates are incurring no costs at all. Their reputations are being damaged. A lot. People are calling into question their sanity, judgement, and ethics. Mayor Dee Margo has sullied his wife’s legacy of public service. City Manager Tommy Gonzalez is bloodying his already bruised professional history. Our billionaire philanthropists are losing the altruistic varnish they worked so hard to burnish.
So what’s their motivation?
I figger they’re trying to make the County Coliseum the redundant facility, so MountainStar can siphon off the HOT money that the Coliseum is getting now. MountainStar wants to use that money to build a soccer stadium.
May I suggest that the taxpayers of El Paso might be more amenable to a soccer stadium if MountainStar and the City didn’t act like such bullies? If they postponed the “arena” until a suitable site were found? If they waited till the taxpayers could afford it?
MountainStar is already soaking the taxpayers for
$200,000 $500,000 a year for the ballpark. MountainStar should start acting like they appreciate our donation.
Well, I’m sure they do appreciate our donation, but you know that greed knows no bounds. They won’t stop until we are totally bankrupt.
How do we stop them?
CORRECTION: On the Ballpark we are being soaked $550K/year + $3M in HOT subsidies.