Latest news with #financialincentives
CBS News
7 days ago
- Business
- CBS News
Sacramento could offer financial incentives to attract musical acts to unused venues
Sacramento may offer financial incentives to promoters to revive unused music venues Sacramento may offer financial incentives to promoters to revive unused music venues Sacramento may offer financial incentives to promoters to revive unused music venues SACRAMENTO — The City of Sacramento could soon offer financial incentives to help attract more musical acts to two of the city's most iconic venues. The Memorial Auditorium is currently booked only 190 days a year, and the SAFE Credit Union Performing Arts Center has 246 events a year. Both are owned and operated by the city, but some say it's currently too financially risky to book concerts there. "The cost for the memorial is just too expensive for local promoters to do shows in it," said Jim Cornett, a concert venue owner. How would Sacramento's promoter incentive program work? The city would give event organizers between $5 and $10 in cash back for each ticket sold. Money could come from sources like the city's commission on food sales, charging up to $3 more on drinks, and increasing ticket convenience fees. "If we had these tools, we would grow our ticketed commercial events considerably," said Sid Garcia-Heberger, manager of the Sacramento City Theater & Auditorium. But there's some concern that people are already fed up with high ticket fees. "I don't want us to do anything that exacerbates the unhappiness of ticket buyers," said City Councilmember Roger Dickinson. Many downtown merchants support efforts to bring more concerts to town, saying it helps boost their business. "We know that music and live performance are really a serious economic engine," said Jameson Parker with the Midtown Association. "We've seen the positive ripple effects that come from live entertainment." City leaders say the incentives will also increase parking and sales tax revenue and help Sacramento stay competitive with other cities that offer rebates like Stockton and Fresno. The city's budget and audit committee unanimously endorsed the idea of incentives at its meeting Tuesday morning. The program will need to be approved by the full city council before taking effect.
Associated Press
27-05-2025
- Business
- Associated Press
Missouri to hold special session on aid for tornado victims plus Chiefs and Royals stadiums
JEFFERSON CITY, Mo. (AP) — Missouri lawmakers are to kick off a special session Monday to consider aid for tornado victims and a package of financial incentives aimed at keeping the Kansas City Chiefs and Royals from leaving the state for new or improved facilities in neighboring Kansas. Gov. Mike Kehoe announced the special session Tuesday, less than two weeks after a deadly tornado hit St. Louis and the Legislature wrapped up its work without giving final approval to a late-developing plan that would authorize state bonds for the Chiefs and Royals valued at up to half the cost of the stadium projects. Missouri officials are scrambling to come up with an offer because Kansas lawmakers last year authorized bonds for up to 70% of the cost of new stadiums, paying them off over 30 years with revenues from sports betting, Kansas Lottery ticket sales, and new sales and alcohol taxes. The Chiefs and Royals have played professional football and baseball for five decades in side-by-side stadiums in eastern Kansas City in Jackson County, Missouri, drawing fans from both sides of the split metropolitan area. Their stadium leases run until 2031, and Royals owner John Sherman has said the team won't play at Kauffman Stadium beyond the 2030 season. Jackson County voters turned down a sales tax extension last year that would have helped finance a $2 billion ballpark district for the Royals in downtown Kansas City and an $800 million renovation of the Chiefs' Arrowhead Stadium. That prompted Kansas officials to put together an offer and forced Missouri officials to recalculate their plans. The Chiefs and Royals are part of a new round of stadium construction that is underway for professional sports teams across the U.S., with taxpayers often helping to pay the multibillion-dollar tabs. Many economists contend public funding for stadiums isn't worth it, because sports tend to divert discretionary spending away from other forms of entertainment rather than generate new income. But Kehoe said the teams provide a major economic benefit. Supporters of the projects also point to the sense of community and national attention that sports teams can bring, noting the three recent Super Bowls won by the Chiefs and the Royals' World Series title a decade ago.
Bloomberg
12-05-2025
- Business
- Bloomberg
Investors Face ESG Shock as Risk Mispriced, Cambridge Study Says
Investors lack financial incentives to chase sustainable targets, leaving them more exposed to losses once sentiment shifts, according to a study by academics at the University of Cambridge. Despite years devoted to trying to make environmental and social investing financially appealing, there still aren't enough structures to encourage banks and asset managers to allocate capital in ways that will ultimately protect the planet and its inhabitants, scholars at the Centre for Sustainable Finance at the University of Cambridge Institute for Sustainability Leadership (CISL) wrote in a study published on Tuesday.
Jordan Times
11-05-2025
- Business
- Jordan Times
Cabinet approves major incentives to boost film industry
The Cabinet on Sunday endorses a new package of financial incentives to support the local film industry, during a session chaired by Prime Minister Jafar Hassan (Photo courtesy of Prime Ministry) AMMAN — The Cabinet on Sunday endorsed a new package of financial incentives to support the local film industry, aiming as it said at turning Jordan into a premier destination for film production and enhancing the country's competitiveness in the creative industries. A Prime Ministry statement said that the new support package also seeks to capitalise on the country's diverse filming locations, trained local workforce, and advanced infrastructure. Chaired by Prime Minister Jafar Hassan, the Cabinet announced that the new measures include expanded cash rebates ranging from 25 per cent to 45 per cent of expenditures within Jordan, depending on the size of the project and the extent to which it incorporates local cultural elements. Productions spending over $10 million and incorporating Jordanian cultural content will be eligible for the maximum rebate, based on a points system evaluating artistic, cultural, and economic impact. The initiative is part of a broader push to enhance Jordan's competitiveness in the creative industries, in line with the Economic Modernisation Vision. The strategy focuses on increasing the sector's contribution to GDP through infrastructure development, talent support, and investment attraction, the statement said. The package also increases support for domestic productions. Local projects exceeding $500,000 in spending will now qualify for a 30 per cent rebate, up from the previous 10 per cent, in a move aimed at empowering Jordanian filmmakers and stimulating homegrown content. These incentives are expected to increase employment in the sector by 35 per cent, generate over $32 million in direct foreign spending annually, and support film tourism by promoting Jordanian locations featured in productions. They will also contribute to promoting Jordanian culture globally by integrating local heritage into artistic narratives, and strengthening technical infrastructure, thus boosting Jordan's readiness to host major productions, according to the statement. Jordan has already hosted major Hollywood blockbusters, including The Martian, Aladdin, and both Dune films, solidifying its reputation as a preferred destination for global filmmakers. Page 2
