Ending the use of tax-exempt bonds to finance the construction of pro sports facilities has high level support from President Obama's 2016 draft budget, but it's too early to tell if the proposed ban on such financing mechanisms will be approved.
"President Barack Obama’s 2016 budget, presented to Congress last month, calls for barring the use of tax-exempt bonds to finance professional sports facilities. Such bonds have raised about $17 billion during the past three decades, with proceeds funding construction of major-league stadiums and arenas in cities from Seattle to Baltimore," reports Eliot Brown. A soccer stadium in New York and a basketball stadium in are among the proposed stadium plans that would rely on bong financing to construct.
In the budget proposal, however, the Treasury Department notes that "funding pro facilities with tax-exempt bonds merely has 'shifted more of the costs and risks from the private owners to local residents and taxpayers in general'..." Moreover, "[barring] municipalities from issuing the bonds would save the federal government $542 million over 10 years," according to the Treasury Department's estimation.
The article goes on to cite some of the arguments in favor of tax-exempt bonds to finance sports facilities, including examples provided by the new Yankee Stadium and the under-construction football stadium for the Minnesota Vikings in Minneapolis.
FULL STORY: Use of Taxpayer Money for Pro-Sports Arenas Draws Fresh Scrutiny [paywall]
Seattle Legalizes Co-Living
A new state law requires all Washington cities to allow co-living facilities in areas zoned for multifamily housing.
NYC Officials Announce Broadway Pedestrianization Project
Two blocks of the marquee street will become mostly car-free public spaces.
The City of Broken Sidewalks
Can Los Angeles fix 4,000 miles of broken sidewalks before the city hosts the 2028 Olympic Games?
Study: Automobile Dependency Reduces Life Satisfaction
Automobile dependency has negative implications for wellbeing. This academic study finds that relying on a car for more than 50 percent of out-of-home travel is associated with significant reductions in life satisfaction.
San Diego School District Could Accelerate Workforce Housing Program
A proposal to build housing on five district-owned properties could yield 1,000 housing units for low- and moderate-income district employees.
Denver Transit Board Approves $1.2 Billion Budget
The 2025 budget for the Regional Transportation District is the largest in the agency’s 55-year history.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Alamo Area Metropolitan Planning Organization
Village of Glen Ellyn
City of Laramie
American Planning Association, Sustainable Communities Division
HUDs Office of Policy Development and Research
City of Cambridge, Maryland
Newport County Development Council: Connect Greater Newport
Rockdale County Board of Commissioners