I haven't reviewed this plan yet, but in general, stadiums are not very effective tools for revitalization. Generally, there is minimal economic spillover because the patrons drive there, watch the game, and then drive home.
However, a project that involves more than just a stadium and/or is correctly located/utilized could potentially have a substantial impact.
In general, a downtown/urban area is going to have more spillover, but only if it's used often enough so that surrounding businesses benefit more than a few days a year.
The typical model - i.e., a stadium in a sea of parking - is not the way to go, if the intent is to revitalize an area.
The tax/revenue situation is, of course, another matter. If the revenue does come in, it depends how it's allocated.