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ITT CONSIDERING INVESTMENT IN BOSTON MEGAPLEX
Published May 22, 1995
Although ITT has yet to make a "financial commitment," the company confirmed this weekend that it is reviewing plans to get involved in a combined convention center and sports stadium in Boston. According to Lisa Dickason, a spokesperson for ITT subsidiary Sheraton, the company has "been asked to conduct a preliminary review of some of the megaplex proposals" (Meg Vaillancourt, BOSTON GLOBE, 5/21). Dickason's statement follows a report in Saturday's GLOBE that ITT Corp. is "considering investing $100M or more in a proposed Boston megaplex." Sources say that the company is talking to the Weld Administration about "taking a leading role in developing the convention-sports complex." The source said that ITT is "at a minimum" interested in naming rights to the domed stadium portion of the complex, as well as the rights to build a hotel on the property. According to Stephen Tocco, Gov. William Weld's representative on the megaplex panel, corporate involvement "is probably going to be unprecedented both in terms of visibility and dollars." Tocco: "There's a significant naming rights opportunity no matter how the deal comes together" (BOSTON GLOBE, 5/20). PANEL WANTS MORE FROM PATS: Sources close to negotiations say that the megaplex commission is pushing the Patriots to contribute close to $10M a year to help pay for the facility -- "a sizable increase" over the team's original offer, put by the same sources at between $5M and $7M a year (Richard Kindleberger, BOSTON GLOBE, 5/19).