MLS by 2011
Posted by: kmikeym | From: September 5, 2008
As reported all over the place, the owner of the Timbers wants to go to the major leagues! My favorite headline is from OPB, Major League Soccer Team Possible In Portland By 2011, because nothing says FUTURE and AWESOME more than a date like 2011.
The plan is pretty awesome. Renovate PGE Park as a soccer stadium, and build a new baseball stadium in SE Portland. Commissioner Randy Leonard says he's ready to support a financing plan, and both Saltzman and Fish say they could support some public financing. Mayor Potter grumped about price a little (but he is leaving office, so it doesn't matter what he thinks).
There is a nice website up at MLStoPortland.com with more info about the plan and some actions you can take (email city officials!).
I know this isn't a done deal, and may not happen at all, but it's very exciting to me and it's hard not get my hopes up.
I think soccer is cool and supports Portland getting on the international map. We need to be an international travel destination since we are becoming second world to Europe, Russia, the oil countires and China. And I think public bonds are cool as long as the investors deed their house(s) to the city as collateral.
Posted by: Rob at September 5, 2008 11:00 AM
We still owe $28M on the old remodel of PGE Park. As much as I hate to... I have to side with bojack on this one. Merritt talks a good game with "low impact public financing" but as far as I can tell Portland would owe $100M+ by the time all is said and done. And if he wouldn't have bald-faced lied about the first stadium remodel being "almost paid for" I would give him a bit more leeway.
What does the city get for it's money? Equity in the teams or is this just a public money handout to a private investor?
Green Bay Packers are owned by the people, why not the Timbers? In exchange for the financing package the city should get a minority ownership of the Timbers franchise.
Posted by: Gene at September 5, 2008 11:37 AM
Again, hate to channel bojack on this site, but this line from their website is ominous:
"The costs and economic benefits to Portland of the project will be detailed when the package proposal is finalized."
How about details on costs and economic benefits *before* you pull the trigger?
Posted by: Gene at September 5, 2008 11:42 AM
well, randy said at the presser that they'd look to borrow bonds and repay with ticket surcharges and higher rent. Lents is an urban renewal district, so it has money already earmarked for it.
what does the city get? they still own the stadium and the new lents ballpark, and collect higher rents, PSU gets a better recruiting tool, and lents gets support for their little league teams. i think it's win win win.
and unfortunately with MLS' single-entity setup, fan ownership isn't possible. besides, would there really be enough fan dollars to run the team? i think there's enough to have decent attendance, but owning is quite a different beast.
Posted by: wise at September 5, 2008 2:55 PM
You get to bring up BoJack when the tram fails. Until then, this is a BJ-free zone.
I don't know enough about civic finances to say one way or the other on if it is a good idea, but a package *proposal* isn't exactly pulling the trigger is it?
I'd rather the city owe $100M and have MLS than $28M and not have it. I'm sure if you and I can think of ways for the City to minimize its risk then so can our city officials.
We voted for them, now we have to trust them.
Posted by: Mikey at September 5, 2008 2:55 PM
> but a package *proposal* isn't exactly pulling
> the trigger is it?
You bolded the wrong word in the sentance: the proposal will be *finalized* at that time.
(And careful what you wish for, what is the definition of the tram failing? Falling from the sky or insolvency?)
> We voted for them, now we have to trust them.
I trust them when it comes to vision and direction. However they have proven time and time again that estimation is not their strong suit.
If Merritt would have been straight up with the costs involved (old debt almost paid off my ass) and the City of Portland had a single major project come in with final costs anywhere near the orig estimate (I can't think of one) then I would give them the benefit of the doubt.
Give us real costs and facts, that's all I'm asking. I'll love visiting a new PGE Park and watching the Timbers play Beckham and his crew, just don't give me sunshine and pixies to get my support.
Posted by: Gene at September 5, 2008 5:38 PM
sam adams is completely on board, too. i'm so pumped, and then deflated when reading crap on bojack and other places. and then pumped again, and then angry. rinse and repeat...
Posted by: wise at September 5, 2008 10:15 AM