speaking of taxpayer backed football stadiums and pre-mortems

Los Angeles taxpayers are potentially the unintended beneficiaries of a very expensive financial lesson being learned by Cincinnati taxpayers in connection with the football stadium that serves as the home of the Cincinnati Bengals.


To their credit, L.A. officials have adopted a go slow approach to their own pending football stadium proposal. They're taking a pre-mortem stance rather than putting on the rose colored glasses which were worn by Cincinnati officials. Learning from the Bengals stadium experience, there will be an open discussion and televised meeting prior to voting on the issue of a new taxpayer backed football stadium in the City of Angels.


Accordingly, L.A. taxpayers may owe a big thank you to Cincinnati taxpayers. After reading about the unfortunate experience of Cincinnati taxpayers with Paul Brown Stadium, one skeptical Los Angeles official received the support of his colleagues in putting the brakes on a plan to build a new stadium in L.A. with $300 million in taxpayer supported bonds.


Although the matter has yet to be decided, Los Angeles Slows Down Football Stadium Deal is a good example of "vicarious" learning through the experience of others. What the people of L.A. elect to do won't be decided for another few weeks, but whatever they decide, they'll be better off for having taken the time to look closely at their own football stadium proposal before putting taxpayers on the hook for $300 million. With funds scarce, the taxpayers may have a better use for that amount of money.


As if it were scripted for TV, the "special interest" private company promoting the L.A. football stadium project has threatened to rescind its proposal unless city officials and taxpayers quickly approve its construction. Sounds familiar.


In any event, it's good to see the taxpayers calling the bluff.



Thanks. Bob.