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Chapters 2 & 12Regina Salice
Chapter 2
• World Cup Competitions/ Olympic Games– Help cities globalize
• 2012 Summer Olympics will be held in London
Four Categories of Trade
• Trade Fairs & Exhibition Events• Cultural Events• Sports Events• Political Summits & Conference Events
Benefits
Primary • Private & public investment partnerships
• Environmental improvements both in the built and natural environments
Secondary• Connectivity & infrastructure legacies
• Wider property market benefits
Positive Impacts From the Sports Event
• In general, what are termed “bigger” events have greater impact than their “smaller” counterparts, but not always; some niche events can have very specific but far-reaching impacts
• Not all events carry the same cost implications or risk factors, which would affect the relative importance of their wider impact
Positive Benefits of Hosting Global Events
• Pick the right event
• Be bold• Get the leadership right
• Bid well with ingenuity
• Have a plan B• Accelerate existing plans & priorities
• Integrate efforts
• Make the legacy & benefits come first
• Manage the legacy as a separate project
• Make a habit of being a host
Chapter 12• “Many studies made by
economist indicate taxpayers may not be getting such a great deal after all in the construction of stadiums”
• Professional sports team play in facilities heavily subsidized by local governments
• Cities generally use revenue bonds to finance their share of the cost of the stadium
• Some stadiums rent out parking, concessions and luxury boxes
• Rental payments can be set to cover all the costs associated with construction and operating municipal stadium
• “NFL Baltimore Raven pay no rent while MLB’s Chicago White Sox pay $1 a year for the use of New Comiskey Park
Cost & Benefits
4 Categories • Direct Benefits• Indirect Benefits• Construction Coast• Operation Expenses
• Re-sending process- indirect benefit
No Matter the Method
• Subsides to sports teams seems to be much greater than the economic benefits generated to the cities
- “out-of-town” new fans/ new spenders
Closing
• “Sports are popular and once the quality-of-life benefits are included in the calculus, public spending on new stadiums may be a good investment for central cities and their residents”