Tuesday, 24 January 2012
Monday's Otago Daily Times tells us that the Forsyth Barr Stadium has no ability to pay its $2 million rates bill. And the Council's debating how best to handle the $140 million debt they incurred in building it.
Shame nobody warned folks that stadiums are generally bad public investments.
The funniest bit: some Council folks want to adjust downwards the stadium's rates because a large contribution from the Stadium would mean lower rates contributions from commercial firms who are benefited by the stadium's existence. Ahem.
Update: more folks who provided no warning at all that the stadium was a seriously bad idea.