Playing Subsidized Ball

The Washington Post reports on tax exempt financing for sports stadiums.

Houston alone has issued $158 million in tax-exempt bonds for its baseball park, $334 million for its football stadium and $227 million for its basketball arena.

"The big advantage for us is the lower rate of interest," said Oliver Luck, chief executive of the Harris County-Houston Sports Authority. "I don't think, quite honestly, that very many people are focused on the hit that the U.S. Treasury would take. Most folks look at these things in terms of the local taxes involved.

"Everybody has this mentality that because we send so much money to Washington, if you can get direct or indirect support of federal dollars, take advantage of it. But the federal government has contributed in a substantial way in getting football, baseball and basketball facilities built around the country."