Carson NFL Backers File For Ballot Phoenix To Add Tire Barriers For Races Lightning Unveil Plans For Amalie Arena Kings Plaza Sculpture Reaction Mixed Chicago Mayor Rejects Cubs' Renovation Requests Facility Notes Arizona State Alters Sun Devil Stadium Remodel Real Salt Lake Reaches Deal For USL Stadium Crew Signs First Stadium Naming-Rights Deal Chargers Fans Vocal At Stadium Forum
Upcoming Conferences and Events
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).