Yesterday’s news regarding the Houston Dynamo stadium should warm the hearts of all those folks who think trinkets are the way for Houston to become world class(ier):
- Deal Reached For Dynamo Stadium (KPRC-2 News)
- Dynamo Stadium gets OK from Houston Sports Authority (AP)
- Downtown stadium OK'd for Dynamo (Chris Moran, Houston Chronicle)
- Dynamo Stadium Deal Approved on East Side (Ford Atkinson, KRIV-26 News)
- Downtown Dynamo stadium approved for building (KHOU-11 News)
Amidst the revelry over Houston’s latest step toward world-classness, government watchdog Tom Bazan emailed the following, which we pass along for further consideration:
To amortize the $20,000,000 in infrastructure bonds over 50 years at 5% taxpayers would be required to pay annual payments of $1,095,534.71!!!
There is a decline in revenue for the Sports Authority, so how in the hell will the bonds be repaid? A mere $65,000.00 per year in rent is a bigger giveaway than when Lee Brown and Jordy gave away the Fire station #1 to Tillman for his Heliport and Aquarium.
When does this become a criminal giveaway of taxpayer resources?
Please discuss!
