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Buffalo Bills look for debt waiver from NFL as stadium costs rise to $2.2 billion
Posted on 3/8/25 at 5:11 am
Posted on 3/8/25 at 5:11 am
LINK
quote:
The Bills are seeking an exception to NFL debt limits to borrow $650 million to fund construction of the new Highmark Stadium, where costs continue to climb far beyond the original budget, sources said.
According to the Bills’ request, per sources, the stadium will now cost $2.2 billion -- that’s up $100 million from the last official reports from Erie County Stadium Development Corp., and now $800 million higher than the original estimate of $1.4 billion.
The new debt requires a waiver from other NFL owners in order for it to not count against the $700 million operating debt limit under league policy (CNBC estimated the team carried about $365 million in debt in September 2024). Owners are expected to consider the request at the league meeting March 30-April 2 in Palm Beach, Fla., and waivers are typically granted.
6
Posted on 3/8/25 at 5:17 am to Wally Sparks
quote:
and now $800 million higher than the original estimate of $1.4 billion.
That will ruin a construction budget.
Posted on 3/8/25 at 5:39 am to Ghost of Colby
How is that even legal
Posted on 3/8/25 at 5:58 am to Wally Sparks
Buffalo. Unions. This explains all you need to know.
Posted on 3/8/25 at 6:33 am to Wally Sparks
I wonder how much taxpayers were conned into contributing.
Posted on 3/8/25 at 7:08 am to RohanGonzales
LINKhttps://apnews.com/article/kathy-hochul-buffalo-bills-nfl-business-sports-b16413591ee74ffb5a5bd2431d914910
quote:
The proposed $1.4 billion new home for the Buffalo Bills comes with a record $850 million taxpayer price tag in an agreement reached Monday to secure the franchise’s future for the next 30-plus years.
Posted on 3/8/25 at 7:36 am to Wally Sparks
That mess that comes off Lake Erie should make a dome stadium mandatory. I wouldn't give them a dime.
Posted on 3/8/25 at 7:37 am to RandySavage
quote:
How is that even legal
I haven't dealt with projects nearly that large but in the larger projects I have been a part of there have been a few things that allow this to happen.
1. Change orders. Large project bids give very specific details about what materials and services are provided and gouge the crap out of you on anything you change. It is a tried and true model to overcome the pitfalls of bid pricing in a constantly changing world.
2. Cost plus material (and sometimes labor) pricing. The bid will give you a price based on your paying cost plus a certain percentage on materials to account for any changes in materials cost between the time of bid submittal and the actual purchase of materials. Occasionally the cost of labor, usually professional labor costs like designers, architects, and engineers, at charged at burdened costs plus either a percentage or fixed dollar amount over that. The people you use get raises or labor costs go up due to who is available. This is not usually significant but will have some impact if it is being used.
3. Unavoidable delays that are not covered in the bid can drive costs up as well
Posted on 3/8/25 at 9:54 am to mdomingue
So is there a line to where it would become illegal or at that point are you SOL and have to fire the company before paying any more money?
What's to stop a contractor from continually low balling bids to get jobs and then increasing the price significantly as the project progresses?
What's to stop a contractor from continually low balling bids to get jobs and then increasing the price significantly as the project progresses?
Posted on 3/8/25 at 10:01 am to Wally Sparks
What the bills are trying to do with having the entire stadium with radiant heating being outdoors was bound to have escalation in pricing
My family up there told them to frick off with the tax to pay for the stadium but like always the city folded. The bills would have never been allowed to leave so it was dumb to cave
Its going to be state of the art in terms of “an outdoor stadium that feels indoor”
All concourses will be indoors even though stadium is outside. 60% of seats will be covered from the elements with heaters as well
Concourses
Radiant heat will be installed at points of congregation in the concourses
The concourses will have 360-degree visibility into the bowl
The concourses will have glass exteriors to capture views outside
Canopy
The canopy will cover over 60% of the seats
The canopy will be heated and have sensors to monitor weather conditions
The canopy will have an advanced snow melt system to prevent snow accumulation
My family up there told them to frick off with the tax to pay for the stadium but like always the city folded. The bills would have never been allowed to leave so it was dumb to cave
Its going to be state of the art in terms of “an outdoor stadium that feels indoor”
All concourses will be indoors even though stadium is outside. 60% of seats will be covered from the elements with heaters as well
Concourses
Radiant heat will be installed at points of congregation in the concourses
The concourses will have 360-degree visibility into the bowl
The concourses will have glass exteriors to capture views outside
Canopy
The canopy will cover over 60% of the seats
The canopy will be heated and have sensors to monitor weather conditions
The canopy will have an advanced snow melt system to prevent snow accumulation
This post was edited on 3/8/25 at 10:04 am
Posted on 3/8/25 at 10:16 am to RandySavage
quote:
So is there a line to where it would become illegal or at that point are you SOL and have to fire the company before paying any more money?
Yes, a well-written request for proposal will outline a lot of details regarding benchmarks and contractor obligations including details that allow both withdrawal by and removal of contractors. A submittal can have stated exceptions and it is up to the people reviewing the various bids to catch those and decide if they are acceptable. If the RFP is well written, it is hard to be SOL other than the contractor going belly up. You may have to sue, though, so there is a point where that is not worth the cost.
ETA: Meant to mention outright fraud will make it more than a civil but that is sometimes difficult to prove.
quote:
What's to stop a contractor from continually low balling bids to get jobs and then increasing the price significantly as the project progresses?
It boils down to good RFPs and good practices in accepting bids. One rule of thumb is to be skeptical of any bids that are more the a set amount outside of the average (I can't recall but I seem the think that was around 10%-15% outside of the average). It often indicates a contractor missed something when reading the bid but that they may also be a lowballer hoping for massive change orders. Also, contractors tend to bid in the same circle of industries and will get a reputation if this is their common practice.
This post was edited on 3/8/25 at 10:19 am
Posted on 3/8/25 at 10:17 am to Wally Sparks
Billionaires fleecing locals to build billion dollar stadiums
Posted on 3/8/25 at 11:09 am to Hetfield
quote:.
Buffalo. Unions. This explains all you need to know.
It's not like unions are new, labour cost should be planned in
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