That Portland soccer stadium is a dumb idea and everybody in the state ought to be angry. Let’s go down the list of issues. Soccer, in this case, is a private business. There is no reason for the government to subsidize private business and that goes double for entertainment enterprises.
Second, the deal depends on the city to find $15 million to close the deal. A city that can’t even keep its precincts open for police. The city borrows $31 million with a promise that it will be repaid by hotel taxes and car rental fees. I think that’s crazy.
Merritt Paulson, the son of the guy who “TARPed” out hundreds of billions of dollars in last fall’s bailout, says he’ll get $5 million for the deal by convincing the Oregon Legislature to divert $5 million in income taxes. That’s money that should be going to state services, not soccer.
Seems to me a guy doesn’t get as rich as he did by promising to be personally liable for bad bet.