This is much akin to saying, "We want a stadium, but so it won't be so much of a burden, we'll just charge half the cost to your Visa, and the other half to your Mastercard."
Or, "We'll sell you your own house that you already own to pay for our stadium. You'll have it back. You'll just have to pay for it twice."
The plan, unveiled Friday evening, is for the state to pay $9.4 million a year for 25 years to finance bonds for a stadium. In return, the state would own the land after 25 years and create a nature preserve. The land in the Vermillion River watershed contains a trout stream, forests, rolling hills and trails for horseback riders.Sounds like more of a win-win for the "U", and a not-so-winning deal for the Minnesota taxpayers, who, like it or not, will end up by funding the entire cost of the $235 million dollar stadium. A stadium that hosts a grand total of only six home games per year!
"This legislation is a win-win for the university and the entire state," U President Robert Bruininks said.
So, the U of M sells land already owned by the taxpayers, back to the taxpayers. And to top it off, this is coming from a state entity that has done nothing but moan about its financial woes, while continuing to place the burden of its fiscal largesse on the backs of its students and taxpayers. <--That article describes the U of M financially as being "between a rock and a hard place."
But in reality, the U of M is, and has always been, between a rock and a nice, fluffy, taxpayer-provided cushion.
Siss boom bah.
(Filed under pass the pork)