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COSTS OF NEW TAMPA ARENA CONTINUE TO CLIMB
Published April 27, 1995
As construction on a new downtown Tampa arena for the Lightning continues, cost estimates for the new structure have gone up, according to today's TAMPA TRIBUNE. The latest estimate puts the price at $144.3M, nearly $10M more than the team predicted in a finance plan released three months ago. In '93, team officials said the arena could be built for $110M. Despite the rise, the taxpayers' portion of the bill -- about $84M -- is not increasing, according to Hillsborough County's Mike Merrill. Merrill said any cost increases will be paid by the team (TAMPA TRIBUNE, 4/27). BEHIND THE FINANCING: Construction costs are projected to run $70.9M. Other expenses: $11.1M for land purchases, $7M for architects and engineers and $846,000 for marketing and p.r, and an $8M contingency fund. The team's plan indicates they have secured a $55.9M construction loan from Shawmut and First Union Banks. Two institutional lenders -- New York Life Insurance and Teachers Insurance and Annuity Association of America -- have agreed to purchase about $60M in bonds once the project is done that will cover the Lightning's debt (Jim Kenyon, TAMPA TRIBUNE, 4/27).