Municipal debt is on the rise, as state and local borrowing has grown to nearly one-quarter of the U.S. GDP.
Steven Malanga writes on this trend and looks at some of the big stadium projects for which cities and municipalities have put themselves deep into debt.
"Nearly 40 years ago the Garden State borrowed $302 million to begin constructing the Meadowlands. The goal was to pay off the bonds in 25 years. Although the project initially went according to plan, politicians couldn't resist continually refinancing the bonds, siphoning revenues from the complex into the state budget, and using the good credit rating of the New Jersey Sports and Exposition authority to borrow for other, unsuccessful building schemes.
Today, the authority that runs the Meadowlands is in hock for $830 million, which it can't pay back. The state, facing its own cavernous budget deficits, has had to assume interest payments-about $100 million this year on bonds that still stretch for decades."
Read the full story: America's Municipal Debt Racket
Cities See Mixed Returns on Spring Training Investments
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Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
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Chicago breaks ground on $3 billion megadevelopment
The new neighborhood, titled Foundry Park, will one day host 3,700 residences.
California High-Speed Rail Authority CEO resigns after $600,000 scandal
Under Ian Choudri, the authority used taxpayer dollars to fund first class flights and trips to nightclubs.
Want to study the Missouri River? Soon, you may need unanimous approval from 10 states
Legislation would require 10 governors’ permission to study or build projects moving water outside the basin.
Desperate measures: Advocates weigh draining Lake Powell to fill Colorado River
Draining the reservoir could reduce evaporation losses by a couple hundred thousand acre-feet.
FREE Course: Walkable City 1: Why Walkability?
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Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
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City of Rosemead
Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
Hunter College, City University of New York (CUNY)
The Architects Foundation
University of Cincinnati Online
City of Cambridge
Montrose County
The Pocatello Development Authority