Apr 24, 2017
Baltimore’s Orioles Park at Camden Yards baseball stadium is finally paid off, after 25 years. Revenues from the Orioles’ games has paid 255 million dollars over this period.
The original price of the land and stadium was 225 million dollars. But there’s a catch: there is another 215 million dollars of interest owed on the bonds. That money is coming every year from Maryland Lottery revenues, another 15 million per year, and won’t be paid off finally until 2020.
But wasn’t the lottery money supposed to be part of the money promised for improving the public schools?
In other words, taxpayers pay twice, once for the stadium and once for the falling-down schools that don’t get the money needed.