I know that Sam Hieb has been covering the Winston-Salem baseball mess for months over at Piedmont Publius, but I think this particular pile of fiscal refuse deserves to be admired by North Carolinians everywhere. From the Winston-Salem Journal ?Revealing the Deal? package that ran on Sunday:
A public-private partnership. It sounded simple two years ago when
the city of Winston-Salem approved spending $12 million to help build a
baseball stadium downtown.Taxpayers and businesses would join together to add a critical
element to the core of the city. Nearby neighborhoods and restaurants
would thrive. Fireworks would explode, mascots would race children
around bases, and hot dogs, Cracker Jack and Thirsty Thursdays would
bring a party?like atmosphere to the city.But the execution has been anything but simple, and the party is a long way from starting.
The cost and scope of the ballpark has ballooned from $22.6 million
to $40.7 million. One of the owners is out. One of the banks is pulling
back. New loans have been taken out, new investors have stepped
forward. And the public part of the public-private partnership has
become central to the deal.
Trust me ? this deal is even worse for local taxpayers than you?d guess from the opening paragraphs. The business model, for example, assumes that the new stadium will fill 90 percent of its seats during Single A baseball season. Uh-huh. Read the whole thing, if you have the stomach for it.
