First arena coalition meeting focuses on public-private partnership
The first public meeting between members of the Here We Build coalition took place yesterday afternoon. According to our friend and appointed committee member Blake Ellington, the meeting included a 30-minute presentation by Dan Barrett, founder and principal owner of Barrett Sports Group, LLC. It is a firm that provides “strategic management consulting services to the sports and entertainment industries.
Expounding on the idea that neither a completely private, nor a completely public funding mechanism may be viable, Barrett brought up the Rose Garden in Portland where billionaire Paul Allen funded the arena himself. Allen ended up taking it into bankruptcy in 2004 which forced him to restructure the deal with the noteholders, Barrett said.
On the flip side of this, publicly-financed (through a tax increase) Paul Brown Stadium in Cincinnati has put a serious strain on the local budget because revenues are not coming as the city had hoped.