Do you think the campus is included?

[mussels]

Connecticut and Hartford Get $2 Billion Offer for Properties

So the gist of the story is that Connecticut is broke.

Given the current trend in Athletic Department expenses going up every year, and revenue remaining flat, how long will Uconn be able to stay the course with football and the AAC ? (if something can't continue forever it will stop - right?)

 

[JMick]

So the gist of the story is that Connecticut is broke.

Given the current trend in Athletic Department expenses going up every year, and revenue remaining flat, how long will Uconn be able to stay the course with football and the AAC ? (if something can't continue forever it will stop - right?)

There's a lot that can happen. We could get into a P5 conference and then our financial woes become non-existent. The Big XII could break up and we could form a new conference or join with the Big XII leftovers and the top of the AAC to make what's essentially an AAC+. That probably helps a little bit with media deals. Or we stop chasing the dragon and fold football to get into the Big East. We won't make as much money but we also won't be paying for football so that will help with costs.

 

[huskymedic]

So the gist of the story is that Connecticut is broke.

Given the current trend in Athletic Department expenses going up every year, and revenue remaining flat, how long will Uconn be able to stay the course with football and the AAC ? (if something can't continue forever it will stop - right?)

My bet is they will start lopping off other sports before doing anything w/ football... M/W Swimming/Diving, Golf, etc.. first.

 

[Wordbomar]

I've had worse. Plus I only have XL season tickets.

Fair, but Gampel is a unique college basketball experience. In the A Dime Back podcast with Sterling Gibbs, he talks about how special it was to play at Gampel, while he said XL center is just not the same from a players perspective.

 

[Hans Sprungfeld]

Somebody's 203 envy is showing. I love when people from 860 country complain about 203 - we will gladly take our majority of the tax revenue (and soon to be the majority of the toll revenue), and tell you hayseeds to shove it.

Your smiley face can't redeem this comment. Fairfield County is happily in my rearview mirror, though I still sport a 203 area code. The entitled pressure cooker environment at the end of that rainbow is enough to mute any sour voice that calls the rest of the state "hayseeds" who should "shove it."

 

[sledog]

CT is in a race to the bottom w NJ. Given the circumstances, a CT default is not unreasonable. Who get the capitol bldg in such a case??

 

[SubbaBub]

You’d think that would be enough to get things changing, but you’d be wrong.

It is incredibly hard if not impossible for a tax levying entity to void a contract like this. It's rare at the municipal level and only possible because you can actually calculate the property tax base if there is no local sales or income tax.

A State would have to carry a level of debt way larger than where CT is right now. As it stands. CT was able to balance its budget without anything more than annual spending cuts.

No honest judge would allow it. If this bothers people then worry about more than $50 tax adjustments when long term commitments aren't being met.

It's like people who spend their rent money to go clubbing. Same irresponsibility. Those hoping for the state to skip out on the bill for 50 years of public services are going to be disappointed.

 

[SubbaBub]

CT is in a race to the bottom w NJ. Given the circumstances, a CT default is not unreasonable. Who get the capitol bldg in such a case??

No offense but, moronic comments like this are why we are in this spot. For the last 50 years this type of flippant thinking caused us to skip out on funding deferred obligations for the baby boomer generation. We are about 7-10 years away from the peak. Then it will get a lot better rather quickly as retirees die off because the state has actually been current on its contributions for a while.

 

[the Q]

I’d rather this than myself getting gauged with highway tolls.

But neither seems like all that good of an idea.

 

[sledog]

No offense but, moronic comments like this are why we are in this spot. For the last 50 years this type of flippant thinking caused us to skip out on funding deferred obligations for the baby boomer generation. We are about 7-10 years away from the peak. Then it will get a lot better rather quickly as retirees die off because the state has actually been current on its contributions for a while.

Clearly you're not a financial, but swept up by the dems. When the $$ leave, as they have been doing, who pays the tab? Even the avg taxpayer gets this. Who knows what CT economic issues are 7-10 years from now, but forecast doesn't look promising. Having been involved with similar issues, this is not an outrageous question. So who might get the capitol (or campus, fill in the blank) when the hedge funds swoop in to collect?? or who pays if they demand payment??

 

[BlueDogs]

Insane abuse of public assets and taxpayer monies.

 

[BlueMAB]

Westport vampire who has never set foot in Hartford seeks to hold state hostage for profit, more at 11

LMAO.

The state is held hostage by the unions, and the politicians who continue spending money they don't have and making promises they can't keep. The state could borrow they money they need at a lower rate, but that doesn't solve the problem either, does it?

 

[freescooter]

It is incredibly hard if not impossible for a tax levying entity to void a contract like this. It's rare at the municipal level and only possible because you can actually calculate the property tax base if there is no local sales or income tax.

A State would have to carry a level of debt way larger than where CT is right now. As it stands. CT was able to balance its budget without anything more than annual spending cuts.

No honest judge would allow it. If this bothers people then worry about more than $50 tax adjustments when long term commitments aren't being met.

It's like people who spend their rent money to go clubbing. Same irresponsibility. Those hoping for the state to skip out on the bill for 50 years of public services are going to be disappointed.

The state basically made dopey deals on pensions and on bond debt neither of which had to be made under the Rowland an Rell Administrations which are now coming home to roost. On bonds they committed to pay bond holders first last and always. It ignored the possibility that in changing times various different priorities might arise. On the pensions they did a deal to postpone payments into the fund on the assumption that growth would continue at 90s levels. Sort of like a balloon mortgage but the value of property stagnates and you can’t come up with the dough to pay it off. And last be honest. While of course you can find a dumb expenditure but did you know GE still pays for A former CEO’s haircut weekly, so it isn’t just government that does dumb things, most expenditures are for things we want or need or that improve life generally for state residents. One other note. Lots of bonding comparisons and tax comparisons are slightly bogus in that in Connecticut lots of things paid for by the state and bonded by the state are done by counties. The route 374s and 148s that our state builds maintains and repairs would likely be county routes in most other places and those expenses would be on the county.

 

[TitleTown]

Strikes me that 7.25% is a starting point in a coming negotiation. That $2B is too enticing to simply dismiss given such a debt burdened, “out of ideas” state government. I haven’t seen many other imaginative solutions coming out of Hartford. Don’t be shocked if some ambitious politician grabs onto the idea and pushes it.

"Out of ideas" ? Here's one, tolls! The only thing this damn state has going for it is it's prime location just north of NY/NJ and one of the major shipping ports in the US.

 

[Dogdeacon]

"Out of ideas" ? Here's one, tolls! The only thing this damn state has going for it is it's prime location just north of NY/NJ and one of the major shipping ports in the US.

Yeah its crazy that CT has no tolls, MA, NH, Maine, NY, NJ all have em' and its not like you have to build much or slow down traffic anymore.