Brooklyn, New York
||Nets basketball games, concerts, other events.
basketball, hockey, and lacrosse games, concerts, and 2010 Olympics.
basketball and hockey games, concerts, circuses, 2002 NBA All-Star Game,
and other events.
|| Pepsi Center
hosts professional basketball, hockey, lacrosse, and arena football games,
concerts and other events.
||$435 million (projected)
|| $160 million
|| $206 million
|| $160 million
||$150 million in government funds for streets
and rail connections.
million from the city and state.
million in infrastructure, $2.25 million for construction sales tax rebates
and $2.1 million annually for property tax exemptions.
||Nets owner Bruce Ratner plans to pay for the arena, the
centerpiece of a $2.5 billion commercial and residential development that
would stretch for three blocks along Atlantic Avenue.
|| Primarily privately
financed by General Motors Canada, which paid $18.5 million for 20-year
|| $200 million,
which includes naming rights at $40 million over 21 years and an undisclosed
additional cost eight years afterward.
|| Privately financed
by investors and through the sale of luxury boxes. Pepsi paid an estimated
$68 million for naming rights.
||Opponents say as many
as 1,000 people will be evicted from their homes. They also say that
the majority of the new housing will not be affordable to current residents
and fear an influx of traffic. The project will use Tax Increment Financing,
which diverts future property, sales and income taxes in a designated
district until the developer can pay off the costs of the project.
||While the General
Motors Place arena will host the hockey games for the 2010 Winter Olympic
Games, government officials are committing $400 million to build other
venues for other events.
||In Philadelphia, all
the major sports teams – football, baseball, basketball, and hockey – wanted
new venues. The new arena was the first built and opened in 1996. Though
the teams wanted a larger public subsidy, the owners had to pay for most
of it privately. The old arena, The Spectrum, is still open and used
for concerts, minor league hockey games, and other events. Philadelphia
has recently built a new football stadium for the Eagles and a new baseball
stadium for the Phillies, both with public subsidies.
||In 1986, Denver’s
McNichols Arena was renovated at a cost of $12.5 million to the city,
but owners of basketball and hockey teams wanted a new one. In return
for breaking the lease on the old building, the city wanted the teams
to agree to stay in Denver for 25 years. The teams resisted. Two years
later an agreement was reached. With new stadiums for baseball and football
that used public subsidies and tax increases also planned, owners were
forced to finance it primarily with private money.
The arena, designed
by architect Frank Gehry, will be a tourist attraction featuring a
skating rink, restaurants, and stores. In addition to the arena, the
Atlantic Yards plan calls for six acres of park land, 4,500 apartments,
2.1 million square feet of commercial office space, and 300,000 square
feet of retail space to be built over a 10-year period. Officials promise
to create 15,000 construction jobs, over 10,000 permanent jobs, and
400 permanent jobs at the arena.
| General Motors
Place was built in 1995 to showcase professional sports, concerts and
|| The new arena
was designed to bring more high profile events to the area.
|| The Pepsi Center
is part of an area dedicated to sports and recreation. It is located
near a football stadium, baseball stadium, and Six Flags amusement park.
||The Vancouver Grizzlies
basketball team moved to Memphis in 2001. The lacrosse team folded. And
in 2005, the arena did not host any games by the Canucks because the
professional hockey season was suspended over contract disputes between
owners and players.
||In addition to sports,
the arena has drawn other events such as the Republican National Convention
||The arena was recently
voted the top basketball arena by USA Today.