Great column on Pittsburgh's arena situation
Nice column in the Pittsburgh Tribune-Review about Thursday's announcement.
Still, if you believe in the need for the arena and the Penguins in the region, there's reason to be encouraged.
The alternative plan would cost the team $8.5 million up front and $4 million annually over 30 years.
The Penguins would prefer to spend nothing, but if they can afford $25 million for Sergei Gonchar they can afford this.
Rendell's plan takes money away from the Gaming and Tourism fund, so taxpayers are, I suppose, indirectly paying for Pittsburgh's new arena. Whereas, the Penguins/IofC plan is 100% private money.
Still, it looks like a deal will get done.
Is the Penguins plan still the best plan? Perhaps.
Rendell, O'Connor and Onorato insist their plan requires no public money, but there's $7 million a year over 30 years included from the Gaming Economic Development and Tourism Fund, $210 million, in other words, that could serve the public elsewhere.
An eventual alternative awardee -- Harrah's, for example -- would be responsible for $7.5 million annually over 30 years, a total of $225 million). It would be $290 million in 90 days from Isle of Capri.