The Authority That Wouldn’t Die!!!
The Mayor just appointed City Council’s most junior member to the board of the Stadium Authority, an Authority that was created in 1965 to "provide increased commerce and prosperity, and to promote cultural, physical, civic, social, and moral welfare to the general public". No doubt its role as the owner of Three Rivers Stadium did most of the above-the jury on how "moral welfare" was promoted is still out.
Consider that the new appointee had just become eligible to drive in the Commonwealth when the stadium was demolished, eleven years ago this month. Since then, the Stadium Authority no longer owns any stadiums, that role taken over by the Sports and Exhibition Authority (the SEA performs administrative duties and gets reimbursed by the Stadium Authority) so the Stadium Authority is now relegated to playing land developer and constructed a parking garage in the land between the new stadiums.
The Authority’s financial statements make it clear that "the garage has not and will not generate revenues fully sufficient to cover expenses and debt service". It took on a $20 million loan to construct the garage, and the financial statement states that the last payment will be December 1, 2028, somewhere around Super Bowl LXII. Long-term leases involving the Authority and parking spaces last until 2050, just around the time the current Steelers’ quarterback can begin collecting Social Security.
A 2005 report to the ICA said that "operationally, the Stadium Authority could be operated by another City authority such as the URA". That same report showed that as of 2004 the Authority had total assets of $9.4 million and liabilities of $9.4 million. In 2011 total assets were $35 million and total liabilities of $44 million.
Sure makes that admonition on the Stadium Authority’s website in 2001 that its "existence and function will conclude with the planned demolition of Three Rivers Stadium" look funny after all these years.