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Some professional sports teams are competing as hard off the field as on. They are seeking hundreds of millions of dollars in public funds for new stadiums and ballparks. How much does it cost to build a home for the "home team," and who should foot the bill?
They're celebrating in Green Bay, Wisconsin, and not because the famous home team is winning football games. In fact, the Green Bay Packers have a mediocre 7-7 record this season. What has the football fans excited is last month's vote to rebuild the Packers' venerable Lambeau Field, at a cost of over $200 million. More than half that amount will come from a new 5% local sales tax in effect for up to 30 years.
The Packers are only the latest in a long line of professional sports franchises to seek public aid for more modern facilities. The Boston Red Sox missed baseball's playoffs this year, but their owners scored a victory on a different playing field. The city of Boston and the state of Massachusetts agreed to contribute more than $300 million towards the $665 million price tag of building a new Fenway Park.
Professional sports has become a big business in this country. Star players command multimillion dollar salaries. The National Football League, the National Basketball Association, and Major League Baseball all benefit from billion dollar broadcast deals. New stadiums costing hundreds of millions of dollars fit squarely into that landscape.
Teams insist that more modern and attractive home fields will generate the money they need to stay competitive. Owners even have movedor threatened to movetheir teams to different cities just because a new stadium beckons.
How much would you pay to keep your favorite team at home?
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Using the 5% sales tax plan approved in Green Bay, how much would you be contributing to the rebuilding of the stadium if you purchased $1,500 of taxable merchandise in a single year?
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If your annual purchases averaged $1,500 over 30 years, what total amount would you be contributing during that time?
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