As Bernstein pointed out (and I think that report does as well), you're not looking at just the stadium here, you have to look at the development as a whole. First, what tax dollars are being generated currently by an unimproved site vs. what tax dollars, even at a reduced rate, will be generated by a new stadium. Also, those tax breaks ONLY apply to the stadium itself in most cases, so all the entertainment complex development that happens around the stadium will be taxed at the going rate and generate additional income for the municipality and state.