"The Official Portrait of Miss InDiana"

"The Official Portrait of Miss InDiana"
aka "Miss Victory"

Wednesday, September 17, 2008

Legislators better state their position now or else face wrath of voters: Let Irsay bailout his own stadium!

Gary Welsh of Advance Indiana and Paul Ogden are on fire over the Colts stadium operating funds that Fred Glass, Bart Peterson & Co. failed to negotiate with Irsay. There is talk among some that the state will bailout Irsay's stadium.

The widely read bloggers now call for each and every legislator seeking office, to state where they stand on a bailout of the stadium. Welsh warns legislators who do not reply that they will be targeted to be fired this November.

The taxpayers are waging war. IR$AY can bail out his own damned stadium.


Downtown Indy said...

Let's not forget Fred over at Indy Tax Dollars.
He's been covering this for a long time - the others are only just waking up. Not that I mean to sound mean. It's just been on Fred's radar forever.

Sean Shepard said...

Cross posted from Advance Indiana comments section to HFFT:

I appreciate the feedback already received from those candidates, including my former Congressional opponent Jon Elrod and my good friend Ed Angleton in taking a "no bailout" position.

I always urge voters and politicians to DO THE MATH so here is some off the cuff:

8 regular season home games a year
63000 seats
8 years

cost of Lucas Oil (before interest) 750 billion
est. minimum cost of interest (4%) 650 billion
minimum estimated operating shortfall (30 years) 300 billion

TAXPAYER subsidized PER COLTS TICKER (assuming sell outs):
$49 per ticket (principal only)
$86 (including interest)
$105 (including operating shortfall)

Of course, it's "multi-use" but the point is still valid. Taxpayers are paying A LOT for part of every Colts ticket sold whether they go to the game or not.

Sean Shepard said...

Gary at Advance Indiana pointed out that I meant "millions" not "billions" in my previous comment.

I've been paying too much attention to the big national financial train wrecks ... or watching too much "billions and billions" Sagan clips. ;-)