Executive Transactions Herb Kohl Sells Bucks For $550M Rio Increases Budget For '16 Olympics Lexington Mayor Pushing Forward On Rupp Upgrades Judge Denies NFL Concussion Settlement Lakers RSN Ratings Reach New Low Nike, USATF Sign 23-Year Extension Names In The News Purdue Upgrading Ross-Ade Stadium Kohl Praised For Dedication To Milwaukee
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King County officials confirmed yesterday that Kingdome emergency repairs could run as much as $15M over budget, which would bring the cost of the project up to $47.5M. King County Exec Gary Locke said officials are considering a possible ticket tax or fee on Kingdome events to pay for the excess costs. Earlier this week, the county sued its insurance carrier on the Kingdome, Allendale Mutual Insurance, alleging the firm refused to acknowledge the county's damage claims (SEATTLE POST- INTELLIGENCER, 11/11).
The Washington DC Redevelopment Land Agency (RLA) has delayed its decision on the approval of a city arena. The agency spent several hours Wednesday reviewing the arena deal struck between Bullets/Capitals Owner Abe Pollin and the National Capital Development Corporation (NCDC), a nonprofit consortium of District entrepreneurs who would oversee construction of the facility. The RLA board decided it did not have enough information to recommend turning over city land to NCDC and agreed to reconvene December 1 to review a counter-proposal from BET President Robert Johnson. Johnson has offered to guarantee repayment of arena bonds and eliminate the city's financial risk if Pollin would agree to sell him a share of the Bullets. NCDC spokesperson Kwasi Holman predicted that the agency will approve of his group's deal with Pollin because it "makes such economic sense": "We are going to make out deadlines and build this arena" (Howard Schneider, WASHINGTON POST, 11/11).
Red Sox Exec VP John Buckley said yesterday that the Red Sox are willing to invest money in a coordinated plan that would tie together a downtown convention complex and a new baseball park. Buckley: "We've told every government official who has wanted to talk to us that we have to deal with the 82-year-old facility we have. But we seem to end up on the backburner as something to be dealt with later." Buckley said that the Red Sox have "all but ruled out rebuilding Fenway Park" because of prohibitive costs. Buckley added that the team was "disappointed" that last month's Boston Redevelopment Authority report on a new convention center and football stadium did not deal with the prospect of a baseball facility: "We are anxious to sit down as a developer/private investor to ensure baseball's future in the city of Boston, which should not be taken for granted." In a related development, Patriots owner Robert Kraft said that he would be willing to discuss a downtown stadium proposal (Phil Primack, BOSTON HERALD, 11/11).