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United releases TV ad on stadium: understanding bonds and taxes

In their quest for a new soccer stadium, the New Mexico United have released a new TV ad. We haven’t seen the ad on local TV yet, but you can see it for yourself in this KOAT 7 story. RGF president Paul Gessing adds a bit of balance to the story near the end.

Aside from the usual claims about “jobs” and civic pride the ad relies heavily on the idea that the ballot measure is a “bond” that doesn’t raise taxes. Of course, that is akin to saying that a family should put all of its spending on a credit card because they aren’t actually spending anything right away.

Bonds require taxes in order to be paid off. In this case it is going to require gross receipts tax revenues. And, other priorities like law enforcement and roads will receive fewer dollars than they otherwise would. Finally, of course, taxes COULD go down in the absent of the stadium.

 

 

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RGF President reacts to United pledge of financial support for new stadium on KOAT Channel 7

With Albuquerque voters largely skeptical of the proposed taxpayer-funded United Soccer Stadium, the team has decided to pledge $10 million towards the facility. 

RGF’s president Paul Gessing weighs in on this development in this story. Gessing’s comment for this story is limited to saying that the team should fund “a majority” of the stadium that will cost at least $70 million and will likely cost up to $100 million based on numerous unknown factors including construction materials and the unknown location of the proposed stadium.

Needless to say $10 million is nowhere near half of the stadium’s cost.

Of course, there remain so many unknowns surrounding this project including the actual site. The Foundation has previously discussed numerous additional issues with the proposed facility. 

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Economy Local Government Notable News Tax and Budget Top Issues Videos

RGF talks United Stadium finances on KOAT 7

RGF’s Paul Gessing recently sat down with KOAT TV Channel 7 to discuss financial details for the proposed New Mexico United Soccer stadium. There are more questions than answers at this point in the discussion which is unfortunate given that voters probably won’t have much more information than what is currently known when they go to the polls in November.

The time duration of the bond is ONE question discussed in the story, but the location of the stadium, final cost of the project, and source of money for the difference between the $50 million bond  and the final cost which will be no less than $70 million and perhaps much more are unknown.

In this story Councilor Davis asserts that the “gap” between the $50 million bond and the final cost of the stadium could be somehow filled by leveraging lease payments from the team. Of course no lease payment mechanism has been agreed to at this point, so these are purely speculative statements by Davis both on the payments themselves as well as what, if anything, those could pay for.

Click here for a link to the story.

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Education Notable News Open Government Top Issues Videos

RGF discusses “Monuments to Me” Sheryl Williams Stapleton edition on KOB TV

Rep. Sheryl Williams Stapleton is in hot water and resigned over serious allegations of money laundering. Over a decade ago the Rio Grande Foundation questioned the practice of naming public facilities after elected officials. KOB TV interviewed RGF president Paul Gessing about the issue. Watch the full story here:

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Film Subsidies Notable News Tax and Budget Top Issues Videos

RGF talks New Mexico Film subsidies on Fox Business Channel

The good news is that Fox Business Channel (unlike many news outlets) actually gave a platform to critics of New Mexico’s film subsidy program to discuss the program’s financial shortcomings.

The bad news is that like nearly all media outlets they badly misunderstand the financial implications of New Mexico’s incredibly-generous film subsidy program. Check out the story below which includes a brief clip of RGF president Paul Gessing discussing Hollywood film subsidies. Along with the Youtube story is a page from a 2019 Legislative Finance Committee report on the cost of Hollywood subsidies which provides details on the direct subsidies (not additional LEDA funds which are yet another subsidy).

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Economy Local Government Notable News Taxes Top Issues Videos

RGF discusses hotel tax lien/lodgers tax w/ KOAT 7

Recently, RGF’s president was walking downtown and noticed the Hyatt Hotel downtown was completely closed to the public. Physical entry to the property was impossible and his phone calls were not returned.

Ultimately, it came to light thanks to an Albuquerque Journal article that the hotel was closed due to a lack of convention business AND that the City of Albuquerque had filed tax liens against several properties for lack of payment of lodgers taxes. The Rio Grande Foundation has expressed concerns in the recent past about lodgers taxesand agrees that reform is needed, BUT if the business is collecting the tax from its customers, they should be remitted.

Check out the story here and by clicking the image below:

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City of Albuquerque among “businesses” that can’t find workers

The Rio Grande Foundation and New Mexico Business Coalition are among the organizations that have raised the alarm about “enhanced” unemployment benefits and how they are a big factor making it less attractive for workers to find employment than to remain out of the work force.

Albuquerque Mayor Tim Keller recently said that the City would “hold jobs for people until their unemployment runs out.”

Watch the story Channel 7 KOAT TV did on the issue below.

 

 

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Constitution and Criminal Justice Economy Notable News Open Government Top Issues Videos

Media uses RGF information to ask MLG health advisor tough questions on “the science”

The Rio Grande Foundation recently gained access to the transcript of a deposition on the Gov.’s decision making process relating to COVID 19 and found “the science” to be lacking. Channel 4 KOB TV’s Patrick Hayes used this information to ask the Gov.’s health advisor David Scrase some questions during the press conference this week. As you can see from the story, Scrase doesn’t exactly answer the question about “the science.”

You can see the full story below:

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A drive through Tim Keller’s Albuquerque

Since March of 2020 (the start of COVID 19) the Rio Grande Foundation has been located in downtown Albuquerque.

While Albuquerque has never had the greatest downtown, there is no doubt that the area has been hammered by COVID 19, the riots over the summer of 2020, and Mayor Tim Keller’s lax policies towards crime and homelessness. He just announced that he will be running for reelection this fall.

The Rio Grande Foundation recently took a drive around downtown and up Central Ave./Route 66 with a mounted camera to see what the City looks like. Watch the video for yourself below.

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Video of discussion: Kevin Hassett and Paul Gessing Evaluate the Impact of President Biden’s Energy Policy

On Wednesday Feb. 24, the Paul Gessing of the Rio Grande Foundation and Kevin Hassett of the National Review Institute discussed the impact of the Biden Administration’s energy policies on New Mexico. You can watch the discussion which lasts about an hour below: