Anaheim to Sell Stadium, Sell Out Anaheim Taxpayers


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** Author Update, 12/5/19– As I suspected, the appraisal released by the city specifically excludes any value contributed by the stadium itself, meaning this is– in fact– a bullshit appraisal.  In addition, Anaheim gives up all lease revenue through at least 2025 and will not receive the bulk of the sale value until after 2025, meaning (after discounting for five or six years), the present value of this proposed deal is substantially less than $325,000,000.  As described below, Arte and the Angels are either getting the land for free or the stadium for free, because they certainly aren’t paying for both. **

DON’T GET BAMBOOZLED BY FINANCIALLY ILLITERATE SHILLS.  THIS IS NOT A GOOD DEAL.

The City of Anaheim announced a preliminary deal for the sale of public property surrounding the stadium, along with the stadium itself for $325,000,000.

I’m not going to waste your or my time with an in-depth analysis of this deal, here’s what you need to know:

The proposed sale price is about what the replacement value of the existing stadium is today.  It means the Angels are getting the entire parking lot for free.  It’s a huge infusion of cash for the city, but the return on investment is absolutely atrocious.  It’s not the worst the City could do, but on its face, this is not putting Arte Moreno to the screws to protect the best interest of the taxpayer.  A reasonable price for a straight up sale of the stadium and parking lot is somewhere north of $500,000,000, which leaves plenty of margin for development profit and 10-15 years of existing stadium use.  That’s about $200,000,000 left on the table for … who knows why.  $200,000,000 buys a lot of parks.

Outline of what’s being sold

The good news, this gets Anaheim out of the business of being a landlord.  The bad news, there’s nothing in the proposal to prevent a future giveaway to “assist” development of the parking lot.  According to the City’s press release, a development agreement will be put forward in the Spring of 2020.  Expect major concessions to building trades and developers.

Also good news, this is miles better than the very best that Kris Murray, Jordan Brandman, and Lucille Kring could do in 2013.  Anaheim has 324,999,994 reasons to thank Tom Tait.  Harry Sidhu and his paid supporters will celebrate this as a massive victory, but the reality is this pile of money dropped into Anaheim’s treasury is the direct result of having a Mayor with a spine from 2010-2018.  If the Kleptocrats got their way 6 years ago, Anaheim would have exactly $6.

It’s not a product of one who bent over backwards for half a year pretending to not be a veteran, just a civilian in olive green garb riding a camo humvee in a parade, but hey Anaheim– you get what you vote for.


About Ryan Cantor

Our conservative columnist, raised in North Orange County, works as an Analyst and Strategic Planner.