Comment 66277

By Nord Blanc (anonymous) | Posted July 16, 2011 at 13:56:09

I'm sure that $150 million won't go nearly as far as they hope. I would not expect construction contractors to pass on a chance to juice the taxpayer for a bit more dosh, especially when we've also thoughtfully furnished them with a credible excuse for doing so: A constricted project timeline.

"Cost overruns are extremely likely in stadium projects. Overruns often run to 40% and can run as high as 500% -- a recent study cited by New York magazine of fourteen stadium projects revealed an average construction cost overrun of 73%.(5) Of the four cities that have most recently construction major sports facilities - Seattle, Denver, Houston and Pittsburgh - the costs have exceeded even what independent analysts predicted. The potential danger to local taxpayers, however, only exists only when the public sector participants are expected to pay. Safeco Field in Seattle, the first baseball stadium with full retractable roof, was built at a cost of $517 million, and was more than $100 million over projections. At the same time, the Seattle Mariners were responsible for cost overruns, so the public was protected."

http://www.stadiummouse.com/stadium/economic.html

No mystery as to which partner has the greater commitment (and exposure) on IWS 2.0.

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