The public justification for this use of public funds, including construction financing with tax exempt bonds, is that this is an investment that brings jobs and consumers to a city’s downtown. Similarly, proponents for taxpayer financing of convention centers and hotels frequently argue that those projects are contributors to the revitalization of cities.
Academic research on the value to economic development, however, has universally concluded that sports stadiums, convention centers and hotels do not create an increase in economic activity in the city which financed the construction.
In 2006, the IRS issued a private ruling that enabled the New York Yankees to receive tax exempt financing for the construction of a new stadium. Later, the IRS revamped its regulations to permit many more sports stadiums to receive tax exempt financing.
This is the second hearing in a series Kucinich plans to hold looking at various issues afflicting urban America.
Witnesses for the hearing include:
Ms. Joyce Hogi — a widow and resident of the South Bronx, New York. Ms. Hogi’s apartment overlooks the construction sight where a new parking lot is being built for Yankees’ stadium. The parking lot was formerly a Macombs Dam public park.
Mr. Frank Rashid — waged an unsuccessful 10-year campaign to save Tigers’ Stadium in Detroit.
Mr. Nick Licata — Seattle City Council president. Mr. Licata will discuss his successful attempt to fight a new arena being built in his city for the Seattle Supersonics.
Mr. Neil deMause – author of Field of Schemes: How the Great Stadium Swindle Turns Public Money Into Private Profit.
Dr. Brad Humphreys — Department of Recreation, Sport and Tourism at the University of Illinois at Urbana-Champaign.
Dr. Heywood Sanders — a professor of public policy at the University of Texas at San Antonio and an expert of convention center expansion.
Mr. Dennis Zimmerman — Director of Projects at the American Tax Policy Institute. Mr. Zimmerman is a former Congressional Research Service analyst and Congressional Budget Office analyst whose expertise is in the use of tax exempt bonds and the economics of professional sports stadiums.
Mr. Bob Murphy, President, Dayton Dragons, Dayton, OH. The Dayton Dragons are a Class A minor league baseball team affiliated with the Cincinnati Reds.
Mr. Micah Green, co-CEO, Securities Industry and Financial Markets Association, Washington, D.C. Mr. Green heads the merger of the Securities Industry Association and the Bond Market Association. The Association represents the interests of more than 650 securities firms, banks and asset managers.
Mr. Donald Korb — chief counsel of the International Revenue Service. Mr. Korb will be discussing a December rule change that enabled tax exempt bonds to be used in the construction of the new Yankees’ stadium.
Sports Forum Podcast
Episode #13 – League of Fans’ Sports Forum podcast: A Conversation With Long-Time MLB Exec Dan Evans About What’s Right With Baseball and What Could Be Better – Evans is a former general manager for the Los Angeles Dodgers and is currently a consultant for Go the Distance Baseball, which owns the Field of Dreams movie site. We discuss his experience at the MLB game at Field of Dreams; his thoughts on the appeal of the Field of Dreams, and baseball in general.
Follow on Facebook: @SportsForumPodcast
Episode #12 – League of Fans’ Sports Forum podcast: A Fun Chat With Dan Gutman, Author of the Baseball Card Adventure Series for Kids
Episode #11 – League of Fans’ Sports Forum podcast: The Latest on Brain Trauma, Concussions and CTE with Dr. Chris Nowinski – Nowinski is CEO of the Concussion Legacy Foundation.
Episode #10 – League of Fans’ Sports Forum podcast: An Issues Discussion With Paul Dolan – Dolan is the Cleveland Indians Owner and CEO.
Episode #9 – League of Fans’ Sports Forum podcast: Talking Sports Issues With Ralph Nader – Nader is a consumer advocate and was named one of the “100 Most Influential Americans of the 20th Century” by Time magazine. He is the founder of League of Fans.
Episode #8 – League of Fans’ Sports Forum podcast: How Can We Save College Sports From Overcommercialization and Professionalization? – The guest is Dr. David Ridpath, a sports business professor and past president of the Drake Group
Media"How We Can Save Sports" author Ken Reed appears on Fox & Friends to explain how there's "too much adult in youth sports."
Ken Reed appears on Mornings with Gail from KFKA Radio in Colorado to discuss bad parenting in youth athletics.
“Should College Athletes Be Paid?” Ken Reed on The Morning Show from Wisconsin Public Radio
Ken Reed appears on KGNU Community Radio in Colorado (at 02:30) to discuss equality in sports and Title IX.
Ken Reed appears on the Ralph Nader Radio Hour (at 38:35) to discuss his book The Sports Reformers: Working to Make the World of Sports a Better Place, and to talk about some current sports issues.
Sports & Torts – Ken Reed, Sports Policy Director, League of Fans – at the American Museum of Tort Law
League of Fans is a sports reform project founded by Ralph Nader to fight for the higher principles of justice, fair play, equal opportunity and civil rights in sports; and to encourage safety and civic responsibility in sports industry and culture.
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Ken Reed’s Author Page on Amazon