Developer Rocco Termini has an interesting article today on the News' editorial page, pitching a plan to finance the $200 million or so it will take to finance the improvements the Buffalo Bills want at Ralph Wilson Stadium.
The linchpin of Termini's plan is to take the roughly $13 million in payroll taxes that the Bills pay each year and setting it aside to pay off the bonds that will be issued to pay for the stadium improvements. By Termini's calculations, setting those tax payments aside over a 15-year period (assuming the Bills sign a 15-year lease) would cover about three-quarters ($150 million) of the improvement costs.
The second part of Termini's plan is to sell the naming rights on Ralph Wilson stadium and use those proceeds to pay off more of the stadium improvement debt. If those rights sell for $4 million a year, that would provide enough money to pay off another $45 million of the stadium debt (plus interest at 4 percent a year).
Selling the naming rights would be a blow to Bills owner Ralph Wilson's ego, but it's the least the Bills owner can do if he's trying to shake down the state and the Buffalo Niagara region for $200 million in upgrades. It's always run pretty hollow that Wilson has complained about how limiting the Buffalo market is financially, while leaving several million dollars a year on the table so he can have a stadium named after himself.
Put those two together, and you've managed to finance $195 million of the $200 million in upgade costs, Termini argues.
Does Termini's proposal have a chance. Probably not. It's too simple and it makes too much sense. But it sure is an interesting thought.
Home sales increased in December. Sales rose 4.2 percent to 774 in December from 743 during the same month the previous year. Sales were up 10.4 percent from November's 701 sales, making it the largest December number since the glory days of 2006 and 2007. Newly listed sales were up 13 percent. The positive sales results are being attributed to the region's stretch of unseasonably mild weather.
In the last few months, Western New York lost the contract to make NBA jerseys but kept New Era Cap. Folks in Indiana are still making NFL gear. But, today, the job is a little bitter. - Indy plant cranking out Saints NFL title shirts - Dana Hunsinger/The Indianopolis Star A mad rush was on Monday to churn out New Orleans Saints Super Bowl champs shirts in an ironic place: Indianapolis. But even as employees at the Adidas Group plant on the Eastside mourned their home team's loss, general manager Blake Lundberg couldn't help but smile -- just a bit. "From a business standpoint, the Saints' win is tremendous for us," he said. "It will be a very nice long week for us."
The Super Bowl bin berry, berry good for the newspaper biz, too: - Picayune printing up more of Super paper - New Orleans Times-Picayune Monday's Times-Picayune has already set the record for best-selling newspaper in our 173-year history, and thanks to your love of the Saints we're keeping the presses rolling.
And, yes, there were a lot of commercials: - Super Bowl full of ads - AP/Buffalo News Think Sunday night’s Super Bowl seemed like it had a lot of ads? You’re right. Commercials took up nearly 48 minutes of the game —the most for any Super Bowl.