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October 28, 2004
D.C. Baseball Update
D.C. taxpayers got some interesting news this morning, as the city's Chief Financial Officer sent a letter to the Chairman of the D.C. City Council saying that the stadium is going to cost $91 million more than the original estimate: In an eight-page letter to D.C. Council Chairman Linda W. Cropp (D), Natwar M. Gandhi said the total cost of the stadium package could reach $486.2 million, not the $395 million stated in the agreement between the District and Major League Baseball. Ouch. And if the debt service increases, the amount of revenue recovered from all of the taxes needed to support the project needs to increase -- something that makes it all the more likely that revenue raised won't be enough to service the payments on the bonds that will pay for construction. And when the shortfall hits, it will fall on the back of District taxpayers, who will have to make up the difference in either: 1) higher taxes or 2) reduced city services. Expect to see this point made repeatedly at this morning's City Council hearing on the stadium. Somebody is probably going to wave this study by the CATO Institute around as well. It makes for interesting reading. Capitol Punishment just shrugs and says it's time for the city to take its fiscal medicine. As for me, I'm just glad as a Virignia resident, any taxes I pay on this project are going to be voluntary. And in the front office, Bob Watson, Major League Baseball's first choice to take over as GM of the Expos on an interim basis here in Washington, has told his current employers that he isn't interested: "I'm not coming that way," Watson said, "and that is final." Why would Watson be their first choice? M-O-N-E-Y of course. Because Watson is a current employee of Major League Baseball, he's already on the payroll, and sliding him into D.C. to keep the seat warm for whoever the new ownership group wants to hire probably woudn't have cost much more money. But having to bring somebody new on board from the outside means ponying up some cash -- cash that has to come out of the pockets of the other 29 teams in Major League Baseball. In better news, former Toronto, Baltimore and Seattle GM Pat Gillick is interested in the job -- and that's whether or not there's a guarantee of employment from new ownership. I'm sure everyone knows Gillick's track record, where he's built winners in all three of those cities before leaving each job on his own terms. For more on next season's lineup, check out Distinguished Senators. Finally, Senators and Sabermetrics is connecting the dots, and thinks that the name Grays is a lock for the new team. I hope he's right.
Eric
06:27 AM
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