Three streams of research offer results in conflict with the conclusion that governments that provide tax dollars to build sports facilities are wasting money. Hamilton and Kahn and Rosentraub and Swindell found instances where the value placed on the intangible benefits of teams could exceed the cost of facilities. Carlino and Coulson's analysis indicated the presence of a National Football League franchise accounted for an 8% increase in rent levels, and Santo's work, also using regression models, found regions with teams and new facilities had higher income levels. Despite possible regional gains, the value of a sports investment rests on its context and the outcomes for the city and county that invested in the facilities. This analysis focuses on the outcomes for Cleveland and then offers a framework to assess the range of economic effects on investor communities.
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