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”