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Tax Increment Financing and Major Le...

Sroka, Robert P.E.

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Tax Increment Financing and Major League Venues.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Tax Increment Financing and Major League Venues./
作者:	Sroka, Robert P.E.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2020,
面頁冊數:	434 p.
附註:	Source: Dissertations Abstracts International, Volume: 82-07, Section: A.
Contained By:	Dissertations Abstracts International82-07A.
標題:	Area planning & development. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28240285
ISBN:	9798684621505

Tax Increment Financing and Major League Venues.
Sroka, Robert P.E.

Tax Increment Financing and Major League Venues. - Ann Arbor : ProQuest Dissertations & Theses, 2020 - 434 p.

Source: Dissertations Abstracts International, Volume: 82-07, Section: A.

Thesis (Ph.D.)--University of Michigan, 2020.

This item must not be sold to any third party vendors.

This dissertation studies the use of tax increment financing in major league venue projects in North America. Although there is a vibrant literature on TIF, little has crossed over to the sports venue context, leaving a gap where some of the most expensive and potentially risky TIF projects anywhere are concerned. Likewise, while there is considerable literature questioning the merits of public subsidies for sports venues, there is insufficient work focusing squarely on TIF and sports venues. This relative absence of literature concerning sport venue TIF matters because providing subsidies through TIF may effectively obscure the public cost of sports facilities. This thesis shines a light on venue related TIF through contributions under three central headings: scope and inventory, theory development, and normative development.In the past two decades, TIF has become a more frequent element in subsidizing venues and the real estate development surrounding these facilities. Specifically, over $1.8 billion in TIF has been spent on 22 major league venues across five major leagues, with well over a third of non-temporary major league venues where TIF was eligible to be used having a direct or strong TIF connection at the time of construction or substantial renovation. The TIF inventory also reveals direct TIF use concentrations in particular sub-federal jurisdictions. Likewise, less permissive TIF statutes often overlap with jurisdictions where direct TIF contributions were absent.I argue that if legally and fiscally available, TIF can be an effective means for local growth coalitions to sell politicians on approving subsidies through mitigating public approval and political risk associated with providing public dollars to sports venues. In particular, TIF's salability as self-financing, provides political cover to decision makers and reduces the risk of popular opposition. Likewise, TIF allows financial risks associated with venue subsidies to be better mitigated by marrying the revenue source to the good being funded, and allows local governments to use taxes that would otherwise go to overlaying taxing jurisdictions (such as schools). While the case studies in this dissertation indicate major risks with venue related TIF, if politicians wish to move ahead with such projects, citizens should insist on harm reduction measures. These include ensuring but-for, preventing predatory overlaying capture from school districts, avoiding reliance on sales TIF, shifting underperformance and legal risk from public to private partners by making sure that promises of real estate development are matched by enforceable contractual obligations, and ensuring multiple points of transparency.

ISBN: 9798684621505Subjects--Topical Terms:

3172430
Area planning & development.
Subjects--Index Terms:

Tax increment financing

Tax Increment Financing and Major League Venues.
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506 $a This item must not be added to any third party search indexes.
520 $a This dissertation studies the use of tax increment financing in major league venue projects in North America. Although there is a vibrant literature on TIF, little has crossed over to the sports venue context, leaving a gap where some of the most expensive and potentially risky TIF projects anywhere are concerned. Likewise, while there is considerable literature questioning the merits of public subsidies for sports venues, there is insufficient work focusing squarely on TIF and sports venues. This relative absence of literature concerning sport venue TIF matters because providing subsidies through TIF may effectively obscure the public cost of sports facilities. This thesis shines a light on venue related TIF through contributions under three central headings: scope and inventory, theory development, and normative development.In the past two decades, TIF has become a more frequent element in subsidizing venues and the real estate development surrounding these facilities. Specifically, over $1.8 billion in TIF has been spent on 22 major league venues across five major leagues, with well over a third of non-temporary major league venues where TIF was eligible to be used having a direct or strong TIF connection at the time of construction or substantial renovation. The TIF inventory also reveals direct TIF use concentrations in particular sub-federal jurisdictions. Likewise, less permissive TIF statutes often overlap with jurisdictions where direct TIF contributions were absent.I argue that if legally and fiscally available, TIF can be an effective means for local growth coalitions to sell politicians on approving subsidies through mitigating public approval and political risk associated with providing public dollars to sports venues. In particular, TIF's salability as self-financing, provides political cover to decision makers and reduces the risk of popular opposition. Likewise, TIF allows financial risks associated with venue subsidies to be better mitigated by marrying the revenue source to the good being funded, and allows local governments to use taxes that would otherwise go to overlaying taxing jurisdictions (such as schools). While the case studies in this dissertation indicate major risks with venue related TIF, if politicians wish to move ahead with such projects, citizens should insist on harm reduction measures. These include ensuring but-for, preventing predatory overlaying capture from school districts, avoiding reliance on sales TIF, shifting underperformance and legal risk from public to private partners by making sure that promises of real estate development are matched by enforceable contractual obligations, and ensuring multiple points of transparency.
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653 $a Sport venues
653 $a Stadium finance
653 $a Local economic development
653 $a TIF
653 $a Land value capture
653 $a Major league venue projects
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