NFL Political Donations Favor GOP

Political donors connected to the National Football League have donated more money to Republicans than Democrats according to a recent tally from the Sunlight Foundation.

According to the report, team employees, including players, owners and staff, have donated over $1.5 million for this election cycle. But Republicans received nearly three times as much from donors associated with football teams as did Democrats.

Eleven of the NFL team owners favor Romney, according to FEC campaign records – compiled by Business Insider’s Walter Hickey in September. These donors have donated directly to Romney’s campaign or through the Republican National Committee.

Chief among the Romney supporters is Miami Dolphins owner Stephen Ross who has donated $100,000 to the pro-Romney super PAC, Restore Our Future, $20,800 to the Republican National Committee, $5,000 to Romney’s Free and Strong America PAC and $2,500 to Mitt Romney.

New York Jets owner Woody Johnson has donated $58,200 to the Republican National Committee this year, $2,500 to Mitt Romney and $5,000 to Romney’s Free and Strong America PAC. Johnson is one of the Romney campaign’s finance co-chairs.

Members of the Bidwell family, owners of the Arizona Cardinals, have donated over $154,000 to the Republican National Committee and $4,500 to Romney.

Via: The Examiner

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How Federal “Stimulus” Didn’t Help California’s Economy

How has the stimulus program of President Obama affected California? Have things gotten better?

We can see the answer for the whole state by looking in detail at how stimulus money was spent in Pasadena. City Finance DirectorVic Erganian said the city borrowed money at lower than normal interest rates and the funds opened the door for projects and jobs the city otherwise could not support.

Now winding down, the federal stimulus program pumped $133 million into Pasadena in 10 separate bond issues under the American Recovery and Reinvestment Act.

The renovation of the 89-year old Rose Bowl consumed $114 million of the funding by Build America Bonds at a blended interest rate of 4.8 percent.  But the price tag for renovation has now run up to $162 million, leaving the city with a $39 million financing gap.  The Rose Bowl is a revenue generator for the local Old Town restaurant district in Pasadena, as well as for tourism and hotels.

The National Football League may consider “temporarily” locating a team in the Rose Bowl until a new stadium can be built elsewhere.  Speculation is that the Rose Bowl may well become the permanent stadium for whatever NFL team finds a home in the Los Angeles area.

And $7.4 million of stimulus money went to subsidize a 43-unit low-income senior housing project with a total cost of $17 million.  That reflects a whopping cost of $395,000 for each one-bedroom unit, or $296 per square foot of building area. The units now rent at $416 per unit per month. Market rates would be at least $1,200 a month, probably higher.

Other projects funded with stimulus funds include $4.3 million on roads; $2.8 million on employment and training programs; $2.25 million on energy efficient upgrades; $1 million on water and power infrastructure; and $908,000 to homeless housing programs.

Arguably, what the stimulus funded in Pasadena was just more luxury improvements to the Rose Bowl than could have been conventionally financed anyway, a windfall to a low-income housing developer for a financially dubious project, and a smattering of other projects that didn’t do much to generate the local economy on a permanent basis.

Via: CA Political Review

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