SBD/17/Facilities Venues

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  • CITY ASKS T-WOLVES OWNER FOR MORE IN TARGET CENTER DEAL

         The Minneapolis City Council has proposed a revised
    financial plan to purchase the Target Center with taxpayer-backed
    general obligation bonds for $40M.  Part of the deal requires T-
    Wolves buyer Glen Taylor to pay an additional $14M to offset the
    original asking price of $54M.  Taylor's agreement to pay Harvey
    Ratner and Marv Wolfenson $88.5M for the team is hung up over
    delays in the Target Center buyout (Diaz & Weiner, Minneapolis
    STAR-TRIBUNE, 1/13).  Taylor had no response, other than to say:
    "That would create other problems" (Patrick Sweeney, St. Paul
    PIONEER-PRESS, 1/13).
    

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  • IS BARRY BIDDING TO KEEP THE SKINS IN DC?

         While the Redskins are still formerly pursuing a new stadium
    in Anne Arundel County, MD, a WASHINGTON TIMES report claims that
    DC officials are attempting to lure Redskins Owner Jack Kent
    Cooke to stay in Washington.  The DC deal, as outlined in the
    TIMES: DC will help pay to tear down RFK stadium; Cooke will pay
    to build a new stadium at the site; the Skins will play games at
    the Univ. of MD's Byrd Stadium in the interim.  Officials
    representing Cooke denied the deal, stating the chances for such
    a deal as "absolutely nil."  DC Mayor Marion Barry would not
    discuss the deal (Adrianne Flynn, WASHINGTON TIMES, 1/14).
    

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  • WILL BREWERS HIT IT BIG IN STADIUM LOTTERY?

         WI Gov. Tommy Thompson has lent his support to a plan that
    would create a state sports lottery as a source to help finance a
    new stadium for the Brewers.  The Milwaukee Stadium Commission is
    "certain" to recommend the sports lottery as one source of
    revenue, says commission chairman Robert Kahlor.  Pending
    approval by the state legislature, the lottery proposal could go
    before state voters as early as April.  Under the plan, public
    funds would account for "roughly" $180M of the $223.5M project.
    The Brewers would be responsible for the remaining costs.  Other
    sources of revenue previously suggested by the commission include
    taxes on goods sold at the stadium, Indian gaming and restaurants
    (Gilbert & Schultze, MILWAUKEE JOURNAL, 1/13).
         DETAILS:  The current stadium plan is "significantly
    different" from a 1989 plan in which the team was going to
    privately finance a $120M ballpark.  The new stadium would seat
    42,637, have 75 private suites, 3,000 club seats, restaurants,
    banquet facilities and a hall of fame.  The team pledged $10-$15M
    up front along with $2-3M a year in rent for 20 years.  Brewers
    Owner Bud Selig says the new plan is consistent with other
    communities that have publicly financed parks: "Baseball
    economies changed late in 1991 and early 1992, so when we started
    back in 1987, it has almost no relevance to the economics we're
    in today" (Daniel Hanley, MILWAUKEE JOURNAL, 1/13).
    

    Print | Tags: Anheuser Busch, Facilities, Milwaukee Brewers
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