It’s time to pay the piper.
We were told that our ballpark would be paid for with hotel occupancy taxes. The city raised our hotel occupancy tax to the highest in the state to make that possible.
The state legislature reacted by putting a cap on how much a city can charge–they set the maximum rate at El Paso’s.
As a result the city cannot raise the rate.
When hotel occupancy taxes are not sufficient to pay the debt payments on the ballpark the money has to be taken from the city’s general fund.
Take a look at this:
Don’t expect travelers on Interstate 10 to stop in El Paso when they can go to another city where they will pay less.
Sales tax revenue, franchise tax revenue, property tax revenue–actually all revenue sources for the city are expected to drop as a result of the current COVID situation.
The ballpark will become a larger expense to the general fund at the same time that revenues are dropping.
In Over our navels in debt we pointed out that 57% of our property taxes in 2019 were used to pay for debt.
We need to stop building luxuries until we get our financing in order.
We deserve better
“until we get our financing in order” is the problem. you only buy luxuries if you can afford to pay cash. you aren’t supposed to finance luxuries.
How could that be ?
I have that OVERSIZE, full color, Post Card, that most of us got SEVERAL TIMES, that says: “Vote for the Baseball Stadium because NO money will come from the General Property Tax fund !”
I saved them. They lied.
How about that.
City was warned exactly 1,222,553 times on various blogs that this would not be the case several years ago, BEFORE the ENTIRE City Council voted and put on their baseball caps in the old City Hall before they blew it up.
Sorry guys but “What is done is done”….and appears there is no will-public-private-City Council- to fix…other than raise more Taxes trend
Let the stadium bonds go into default by holding to the original premise that the HOT will cover it. Sometimes you have to take the bottle away from the drunk. The investors took a risk, too. The damage to the city’s credit will be like taking the needle from an addict so they can’t use it anymore and will have to live within their budget.
You might think that the stadium situation would get council to reconsider the Arena Folly, but no!!! Rep Svarzbein denounced the public commenters as trying to use the current financial problems caused by the COVID shutdown to stop this very important project. And council took no vote on the matter. Looks like only Annello and Rodriguez can do math. Another five weeks of the shutdown, per council vote yesterday, will tighten the financial screws…
Peter never saw a vanity project he didn’t like. Trolley – need I say more? He said of it, “It will remind us of ourselves.” He was right; it reminds us that we’re broke.
That’s the problem with rich kids. They have always had someone else to pay for their expensive toys and clean up after them. I remember Josh Hunt saying the Chihuahuas were their “gift to El Paso.”
“We need to stop building luxuries until we get our financing in order.”
Too late!!!!! The damage is done!!!!! Bankruptcy is imminent!!!!
A lot of people will suffer the consequences of the selfish actions of a few.
The usual suspects should buy the ballpark. I never voted for it. I never have gone. I never have seen such complete irresponsible behavior by public officials that are supposed to represent the people that live in this city. Completely thoughtless bumblers ( I know it isn’t a word but it is better than what I want to write)
Why would they buy it when they are able to lease it for far less than the cost of ownership? They also don’t want to own it because they would be stuck with it if they decide to sell the team or move it to another city. They can sell the team, pay off the balance of the lease, and still make a big profit.
I wish the usual suspects would leave. We don’t need liars and cheaters with lots of cash playing with the hardworking people of this city. Holding hostage family homes so they can posture and prance about. These are not men anyone can be proud of.
The city can turn the baseball field into a swap meet.😃
Well, I do believe this is a first for this Blog. Everyone commenting seems to agree, for a change.