AJC Article:
Gwinnett officials says stadium still a deal

Gwinnett’s stadium debt will total more than $77 million over 30 years.

I realize since TrashGwinnett.com and GwinnettViews.com were started back in the fall we have dedicated the sites to the Gwinnett Trash debacle.  However,  when I read articles like this one you step back and just shake your head at things.  You realize how important it is to stay involved and continue to question and look for ways to try and hold our elected officials accountable.

I hope for the sake of our county that Chairman Bannister’s comments in the State of the County speech come to fruition:

“We’ve taken some hits from critics over our stadium, but that’s OK. I know I speak for my fellow commissioners when I say we’ll gladly take those hits and invite those critics to check back in a few years.”  

Excerpts from the article:

STADIUM FINANCING

Gwinnett County taxpayers have already contributed $5 million to buy the land for the stadium and $26 million for construction. Also, the county borrowed $33 million for the stadium last year, and it’s obligated to pay back an average of about $2.5 million annually for 30 years, a total of more than $77.5 million. Here’s where the county expects to get the money to pay the annual debt:

COUNTY’S STADIUM REVENUE

Rent: $250,000

Paid by the Braves, adjusted every five years based on Consumer Price Index. Estimated average annual revenue over 30 years, based on 3 percent increases in CPI: $365,000. The rent is due in two equal installments. The first $125,000 is due April 1 and the second installment is due June 1.

Parking: $200,000

County splits net parking revenue with the Braves, who will operate the lots. Estimate is based on projected attendance and three ticket holders per car being charged $3 a car. Parking revenue is due on June 1 and the balance on Oct. 15.

Ticket fee: $400,000 to $468,000

Braves will pay the county $1 for every ticket sold, with a $400,000 minimum. A feasibility study projected attendance of 468,000 annually. The ticket revenues are to be paid in two installments: $200,000 is due June 1, with the balance due on Oct. 15.

Naming rights: $100,000 to $650,000

This is the biggest variable. The Braves get $350,000 a year; the county gets the rest. Estimates range from a total deal worth $450,000 to $1 million annually. So far, there’s no deal.

County events: Negligible

County can use stadium for 10 days per year, subject to the Braves’ approval. County reimburses Braves for operations and cleanup on those days. If the county charges for admission, it would likely be to cover those expenses. The Braves keep all concession sales on those days.

OTHER REVENUE

Rental car tax: $600,000 to $800,000

The revenues from this tax, which took effect on April 1, are exceeding expectations. The county budgeted $425,000 in revenue for 2008. Collections to date for 2008 total $571,655. The county has budgeted $700,000 in revenue for this year.

GCVB contribution: $400,000 maximum

The Convention and Visitors Bureau gets its money from the county, which collects a hotel-motel tax to pay off debt on the Gwinnett Arena and to underwrite the GCVB operation. The agency, which runs the arena, also gets money from the arena’s profits. The GCVB has already put $2 million in reserves to pay its share of the debt for the first five years.

AJC Article from back in September (Thanks to Jay for sending a link to this):
Gwinnett DA says stadium spending irresponsible
Porter: Commissioners need to make ‘real choices instead of just bread and circuses’