If you’re one of the millions of people watching the Super Bowl today, take a good look at that expensive stadium in which the game is being played — and then give thanks that you’re not unlucky enough to have been one of the suckers in Indiana who paid for the thing.
Lucas Oil Stadium cost somewhere in the neighborhood of $720 million to build. Local governments in the Indianapolis area have raised motel taxes, restaurant taxes and rental car taxes to pay for the stadium. The primary tenant of the stadium is the NFL’s Indianapolis Colts, who pay only $250,000 a year for the place. (That amounts to just two thirds of the NFL’s minimum salary for the kind of unused player who stands on the sidelines and holds a clipboard.)
In addition to massive direct costs, local governments in the area have shelled out millions of dollars because of operating costs that weren’t covered in the original plan. (Another tax was added after the fact to cover that.) And financing costs went through the roof during construction because of the collapse of the sub-prime lending market.
When I look at this kind of boondoggle, I’m thankful that voters in the county where I live soundly rejected an insane plan to build a domed stadium in1998. The usual kind of downtown central planners came up with pie-in-the-sky plans that year for a domed stadium and a variety of other things. It was called the Metropolitan Area Projects Strategy (MAPS). It was a virtual wish list of everything that pretty much every local group wanted to build. Supporters of the plan were trying to buy support by spreading the cash around.

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