Economics Commons^™

Part 6: Should Taxpayers Subsidize Private Facilities In Hampton Roads? Glitz Vs. Reality, Dragas Center For Economic Analysis And Policy, Old Dominion University

State of the Region Reports: Hampton Roads

Hampton Roads can learn from the experience of other cities and states. If there is a strong business case for a sports stadium, sports park, or entertainment venue, then investors should be able to tap into financial markets. In this chapter, we examine the arguments surrounding public investments in highly visible facilities. We pose questions that should be asked when considering such investments and explore the potential opportunity costs of these projects. We offer a cautionary tale that such projects are sold as transformative but often fail to generate the promised benefits, not only for taxpayers but also for the …