MN Taxpayers Ante Up More Than Other NFL Cities
Posted at: 10/27/2013 9:11 AM
Updated at: 10/27/2013 9:14 AM
Photo: Photo: Minnesota Vikings
(KSTP) - For a Vikings fan, a new stadium seems like an obvious win. For an economist, it's much more complicated.
Victor Matheson is a professor of economics at College of the Holy Cross in Massachusetts. He studies stadium deals around the country and was lecturing at Hamline University in St. Paul on Friday.
He says when it comes to stadium deals like this, the team owner always profits, but the return isn't always as obvious for taxpayers.
"New stadiums generate very little in the way of new income, very little in the way of new employment and very little in the way of new retails sales and tourism," he said.
About 50 percent of the new Vikings stadium will be funded with public money.
In other recent deals around the league, tax payers aren't putting up as much.
For instance, he says the public is only financing about 25 percent of the 49ers new stadium and 100 percent of construction costs for the new Met Life Stadium in New Jersey were paid for with private money.