State and city should fund Pimlico renovations like they did M&T Bank Stadium
Feb 25, 2019 | 3:50 PM
The city and state need to save Preakness by funding renovations just like they paid to build M&T Bank Stadium after the Colts left.
When the Colts left Baltimore in 1983, many people in the state, especially the sports fans, fell into a deep depression. The loss of prestige took a long time to recover from.
The Colts left because the state and city would not build a new stadium. Then the state and city changed course decided to fund a new stadium by using revenue bonds in order to have the Cleveland Browns transfer their franchise to Baltimore, which left Cleveland because they would not build a new stadium.
If the Preakness leaves the Baltimore, there will be no possibility of replacing it with a new franchise (“Decision time for Preakness, Pimlico and horse racing in Maryland,” Feb. 21). It cost $220 million to build M&T Bank Stadium in 1998, and 90 percent of that was publicly funded. In addition, $75 million was paid later for naming rights for 15 years.
The $440 million price tag on redeveloping Pimlico is not unrealistic when you consider the costs of M&T Bank Stadium. Pimlico is a long term investment. Our pride is priceless.