SBD/16/Facilities Venues

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  • COLISEUM REPAIR COSTS SOAR; FEMA SAYS NO TO NEW ITEMS

         Costs for the repair of the L.A. Coliseum have risen to a
    projected $92.7M, 50% higher than estimates in September, and
    two-and-a-half times more than the original estimate.  For the
    first time, FEMA is saying that federal and state earthquake
    relief funds will not pay for the entire project.  Items such as
    expanded concession areas, steel-reinforced beams providing
    seismic strength for the current structure and eventual luxury
    boxes on the stadium's rim are cited as "ineligible for
    reimbursement."  Coliseum Commission President Yvonne Brathwaite
    Burke said if there are improvements beyond basic repair, "there
    won't be a government payment, but that's something that has to
    be negotiated, we don't always believe there has been a
    betterment."  The $92.7M figure is at the point where FEMA would
    have recommended demolition and construction of a new facility.
    Harry Ornest, Vice Chairm of Hollywood Park, said a new stadium
    could be constructed there for $150M.  All parties stressed that
    the decision for repair was made when estimates were lower
    (Kenneth Reich, L.A. TIMES, 12/16).
    

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  • MASS. GOVERNOR "NOT WILD" ABOUT BUYING FOXBORO STADIUM

         MA Gov. William Weld said that he wants to help the
    Patriots, but he is not "enthusiastic about a proposal under
    which the state would buy Foxboro Stadium, fix it up and lease it
    back to the team."  Weld: "I'm not real wild about that.  It's
    pretty expensive. But, I am for my part, willing to help the
    Patriots out."  Patriots Owners Robert Kraft floated his new
    proposal on Wednesday, and continued to call on state help to
    enable him to field a competitive team year after year
    (Kindleberger & Wong, BOSTON GLOBE, 12/16).
    

    Print | Tags: Facilities, New England Patriots
  • OFFICIALS HOPE TO SEAL TARGET CENTER DEAL BY MONDAY

         A meeting has been set for Monday at which key players in
    the public buyout of the Target Center hope to complete the deal.
    The Metropolitan Sports Facilities Commission (MSFC),
    Timberwolves Owner Glen Taylor, and Ogden Corp, who manages the
    facility, had hoped to finalize the deal by the end of the year
    in order to stabilize the financing.  However, both MSFC
    Executive Director Bill Lester and Minneapolis finance officer
    John Moir said a deal will be impossible to achieve before 1995.
    Rising interest rates have adversely affected the transaction
    because Taylor and the MSFC have used short-term variable-rate
    interest debt to finance the agreement.  Ogden, who dropped out
    of the deal once before, sent company officials to New York
    Thursday to meet with NBA officials and appraise them of the
    progress.  Ogden is "concerned" about the risks of short-term,
    variable-rate financing, with rising interest rates fueling this
    concern.  If the Target Center buyout is not completed by
    January, it will move into its third year (Jay Weiner,
    Minneapolis STAR-TRIBUNE, 12/15).
    

    Print | Tags: Facilities, Minnesota Timberwolves, NBA
  • STATE OF THE STADIUM: HUBERT H. HUMPHREY METRODOME

         Today we continue to profile the NFL's infrastructure  with
    a look at the Metrodome in Minnesota.
    STADIUM: Hubert Humphrey Metrodome, Minneapolis, MN
    AGE: Completed 1982.
    OWNERSHIP: Owned and operated by Metropolitan Sports Facilities Commission — a governmental body.
    COST: $84M — debt of $40M to be paid off by 2012.
    LUXURY SEATS: 115 suites — operated by the Vikings. Pay MSFC $1M a year for the rights.
    CAPACITY: 64,000 — 9th lowest in NFL.
    PARKING: No parking with the facility. All city or private lots — Vikings get no revenue.
    GAME-DAY: All game-day personnel paid for by Vikings.
    MAINTENANCE: Maintenance on the facility paid for by MSFC.
    CONCESSIONS: Volume Services. Vikings receive 10% of revenue. City receives 55%, and MLB Twins get 35%.
    ADVERTISING: Sports Facilities Commission handles all advertising. Vikings get no revenue.
    LEASE: The Vikings' lease expires in 2012.
    RENT: $2.84M — 3rd highest in NFL

    (Source: Dennis Alfton, MSFC; rent figure from the Florida Times- Union article on July 24, 1994.)

    Print | Tags: Facilities, Minnesota Twins, Minnesota Vikings, MLB, NFL
  • THE MAVS' CARTER DOESN'T WANT A REUNION IN HIS FRONT YARD

         Negotiations between the City of Dallas and Mavericks Owner
    Don Carter over the construction of a new downtown arena adjacent
    to Reunion Arena hinge on the demolition of Reunion.  Carter and
    team officials believe having side-by-side arenas "makes no
    economic sense."  City Council members and Dallas Mayor Steve
    Bartlett are wary of destroying a 14-year-old facility for which
    they still owe around $62M.  Bartlett: "I think the feeling on
    the council is strong that we need to look for a reuse, and we
    don't want a reuse that is incompatible with a new arena."
    Carter is willing to cover $65M of the $142M cost for the new
    arena in exchange for naming rights and control over major
    decisions involving the facility (Sylvia Martinez, DALLAS MORNING
    NEWS, 12/14).
    

    Print | Tags: Dallas Mavericks, Facilities, Southwest Sports Group
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