Monday, August 31, 2015

Philadelphia is still paying for the now nonexistent Veterans Stadium

Many Philadelphians fondly remember Veterans Stadium.

Philadelphia is still paying for the now nonexistent Veterans Stadium

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The Veteran´s Stadium complex is seen with the skyline of Philadelphia in the background in this aeriel photograph Wednesday, Feb. 10, 1999. With an enormous gift from the state of Pennsylvania, a new baseball-only stadium and a new football only stadium will be built in Philadelphia and Pittsburgh, plans for a new football stadium have the construction near the aging Veteran´s Stadium in South Philadelphia. (AP Photo/Chris Gardner)
The Veteran's Stadium complex is seen with the skyline of Philadelphia in the background in this aeriel photograph Wednesday, Feb. 10, 1999. With an enormous gift from the state of Pennsylvania, a new baseball-only stadium and a new football only stadium will be built in Philadelphia and Pittsburgh, plans for a new football stadium have the construction near the aging Veteran's Stadium in South Philadelphia. (AP Photo/Chris Gardner)

Many Philadelphians fondly remember Veterans Stadium.

Labeled for a time as “the crown jewel of Philadelphia,” the stadium was home to all of the city’s Eagles and Phillies memories for over three decades, including the 1980 Phillies World Championship.

Like most stadiums however, the “Vet” eventually became outdated, and was replaced by two separate stadiums to better serve Philly fans.

For most, vaunted Veteran’s Stadium lives on as a mere memory. However, for the city itself, the Vet lives on as something entirely different; a debt.

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Yes, nearly fifty years after the original bond was approved the city is still paying for the construction of the now nonexistent stadium.

The original bond was approved in 1964 for $25 million, making it one of the two oldest debt’s facing the city. The other debt, which was also authorized on the same 1964 bill, is SEPTA’s expansion of the El to the Northeast and the Broad Street Line to Pattison-- with service to the Vet.

Available bond data indicates that the Vet will [finally] be paid off sometime soon, probably in 2014, but the $1 million owed for the subway expansion won’t be fully paid off until at least 2022.

While the remaining balance on the Vet has reportedly been paid down to $183,000 at this point, The Office of the City Treasurer would not comment on how much total money has been paid toward the Vet since 1964.

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