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splurge on BofA Stadium renovations named 2024’s ‘Worst Economic Development Deal of the Year’

Jackson113.2

By Jackson113.2,
in Carolina Panthers

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Jackson113.2

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https://www.carolinajournal.com/charlottes-650-million-splurge-on-bofa-stadium-renovations-named-2024s-worst-economic-development-deal-of-the-year/

 

The “Worst Economic Development Deal of the Year” award, which has been given annually by the Center for Economic Accountability (CEA) since 2018, highlights state or local government subsidies for private enterprises that exemplify wasteful and ineffective economic development efforts.

Charlotte’s $650 million subsidy for the privately-owned stadium, also home MLS’s Charlotte FC, is 2024’s big winner, standing out among a competitive field of finalists, which included other sports stadium deals and corporate megaprojects across the country. The Charlotte BofA stadium renovations deal pulled away from the pack due to a combination of factors that included its high cost, lack of transparency, poor returns, questionable economic justifications and the Panthers ownership’s checkered history with subsidized projects.

Edited by Jackson113.2
Tepper sucks
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Joe Bear Proficient

Joe Bear

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8 minutes ago, Panthercougar68 said:

The “Center for Economic Accountability” is literally 2 urbanist white dudes with a blog lol

Not all that wrong after looking it up. A longtime corporate PR guy and an economist with a newsletter. Awards create headlines, so it's good for their business. Always should attack the biggest industries as well, to maximize eyeballs.

But yeah, Tepper should have paid for all of it (but never will/would).

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countryboi Mentor

countryboi

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It feels a bit disingenuous to name stadium renovations the worst development deal of the year. I mean, who else was in the category, a QuikTrip? a new McDonald's? New stadiums and renovations are in a class by themselves. They are always going to be subsidized because there's always another local government willing to court their tax dollars.

This is just how things are done in professional sports.

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Panthercougar68 Grand Master

Panthercougar68

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13 minutes ago, Joe Bear said:

Not all that wrong after looking it up. A longtime corporate PR guy and an economist with a newsletter. Awards create headlines, so it's good for their business. Always should attack the biggest industries as well, to maximize eyeballs.

But yeah, Tepper should have paid for all of it (but never will/would).

They have an axe to grind with Tepper from the business world because they attacked Rock Hill too but Nashville (1.2 Billion in public money) and Western New York (850 million in public money) deals are worse if you’re attacking stadium deals.

Edited by Panthercougar68
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TD alt Mentor

TD alt

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It's the American way. We all know it, but few are willing to make sacrifices to change the way things are done. This is a glorified feudalistic system where we are the serfs. The lords are private corporate CEOs. Our elected politicians are plutocrats serving the rich, and we elect them over and over again because the proletariat is utterly stupid.

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