A lot of sports teams get payments from local governments to pay off stadium construction from diverted property taxes. The system is called tax increment financing – TIFs for short — and the decision of a government to offer that money to sports teams is based on the presumed rise in property tax revenues caused by the stadium being built. It’s a way for governments to claim that stadiums are paying for themselves, as the money wouldn’t have been coming in if the stadium hadn’t improved the overall area to begin with.
Except, often, that tax revenues don’t increase and the government just ends up paying for the stadium out of general tax dollars. By then, however, the stadium is built and people tend not to notice too much.
Neil deMause of Field of Schemes has a great post up today noting that, at least in Reno, Nevada, people are noticing. Indeed, there is at least some suggestion that the local government may just stop paying the Diamondbacks’ Triple-A affiliate for the new park out of general funds. deMause wonders what might happen if that actually were to occur.
It’s a great point about an often-overlooked side of public financing of sports facilities.
ST. LOUIS — Miles Mikolas is sticking with the St. Louis Cardinals.
The right-hander signed a three-year, $55.75 million contract on Friday that will carry through the 2025 season.
The new deal replaces a $68 million, four-year contract signed in February 2019 that covered the 2020-23 seasons and was set to pay $15.75 million this year.
Mikolas will receive a $5 million signing bonus payable July 1 and will make $18.75 million in 2023 and $16 million in each of the following two seasons. Mikolas can earn a $250,000 bonus for winning a Cy Young Award, $50,000 for All-Star election or selection or winning a Gold Glove, $100,000 for League Championship Series MVP and $150,000 for World Series MVP.
Mikolas is scheduled to make the second opening-day start of his big league career next Thursday when the Cardinals host Toronto. Mikolas went 12-13 with a 3.29 ERA last season while helping St. Louis to the NL Central title.
“Miles stands among the top pitchers in the game today, and has continued to provide a steady presence for us both in the rotation and inside the clubhouse,” St. Louis general manager John Mozeliak said in a statement.
Mikolas is 45-40 with a 3.79 in 143 games with San Diego, Texas and St. Louis. He recently pitched six shutout innings in two appearances for the U.S. in the World Baseball Classic.