SPTE 203 Chapter 4 Public Subsidies
SPTE 203 Chapter 4 Public Subsidies SPTE 203 001
Popular in Introduction to Events and Venues
Popular in SPTE - Sport & Entertnmnt Mgmt
This 2 page Class Notes was uploaded by Rachel Lightner on Saturday October 1, 2016. The Class Notes belongs to SPTE 203 001 at University of South Carolina taught by Professor Jeralds in Fall 2016. Since its upload, it has received 8 views. For similar materials see Introduction to Events and Venues in SPTE - Sport & Entertnmnt Mgmt at University of South Carolina.
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Date Created: 10/01/16
CHAPTER 4: PUBLIC SUBSIDIES HISTORY OF PROFESSIONAL SPORT FACILITY FINANCING 1. 1900s-1950s: What is the history of sport facilities and public financing? Teams owned Facilities Cities demand for more entertainment options, transportation improvements, trend began to shift 2. 1960s-1980s: When did the shift happen to cities aggressively pursuing teams and providing money for facilities? Increased Public Financial Support Build or Renovate venues to Attract or Retain franchises New “Cookie Cutter” Facilities o Maximize seating and parking o Cookie cutter= everything is built and designed the same way 3. 1990s: What happened after the "cookie cutter" facilities? Importance of Luxury Suites Increased Amenities (Size not as important) Built near Downtown 4. 2000s: Trend away from public funding primary source PROFESSIONAL SPORT FRANCHISES: ECONOMIC BOON OR BOONDOGGLE Economic Impact Studies o Involve the gatherings of data concerning the spending habitats of visitors who have come to the local community SPECIFICALLY because of the sporting event ROI- (On sport franchises) o ROI= Return on Investment o Research- Typically Low Revitalization of Area- Myth or Reality o Opportunity Cost A benefit, profit, or value of something that must be given up to acquire or achieve something else. Takes away money from other investment opportunities o Psychic Benefits Extensive direct financial support A sort of catch-all for non-monetary changes to your quality of life o Infrastructure Improvements Capital events that materially extend the useful life or increase the value of the infrastructure Zoning changes Reduce government “red tape” o Zoning Changes The division of a city or county by legislative regulations into areas (zones), specifying the uses allowable for the property in these areas FORMS OF PUBLIC SUBSIDIES FOR PRIVATE SPORT FRANCHISES Tax Abatement o An incentive to simulate business o Not paying rent for facility Tax Subsidies via: o Taxes to help build facilities Property Taxes Tourism Taxes Sin Taxes Beer Tax Entertainment Taxes