SBD/31/Facilities Venues

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  • MEGAPLEX LOOKING TO GENERATE REVENUE THROUGH SPECIAL TAXES

         MA state officials behind plans for a South Boston megaplex
    stated yesterday that they could "cover at least half" of the
    estimated $80M annual cost by levying new "fees or taxes" on
    hotel rooms, rental cars, airplane tickets and other tourist
    industries, according to the BOSTON GLOBE.  It is still unclear
    whether Gov. William Weld will support this measure in light of
    his pledge to veto any megaplex that contained what he considered
    to be tax increases (Peter Howe, BOSTON GLOBE, 5/31).  Naming
    rights for the megaplex promise to generate as much as $15M to
    $20M over 10 years, according to Steff Gelston of the BOSTON
    HERALD.  Officials from both John Hancock and Reebok have stated
    they aren't interested in the sponsorship.  David D'Alessandro, a
    senior exec with John Hancock, even said he can't imagine why
    national companies like Gillette or ITT Sheraton would be
    interested.  D'Alessandro: "Any national player who decides to do
    it is doing it out of ego and not out of business sense" (Steff
    Gelston, BOSTON HERALD, 5/31).
    

    Print | Tags: Facilities, John Hancock Mutual Life Insurance, Reebok
  • RAPTORS UNHAPPY AT CITY'S REQUEST TO PAY FOR LAND

         The Raptors are telling the city of Toronto they will not
    pay for a piece of land that is an "integral" part of the team's
    C$200M arena development, according to the FINANCIAL POST.  In a
    letter to city officials, Raptors Stadium Project Dir Jay Cross
    explained that the benefits Toronto will get from a downtown
    arena should be "more than ample compensation" in place of the
    C$1.6M the city has requested.  Toronto Councillor Michael
    Walker: "As far as I'm concerned, they're not getting a nickel
    from the taxpayers."  The Council's executive committee is
    expected to discuss the matter today (FINANCIAL POST, 5/31).
    

    Print | Tags: Facilities, Maple Leaf Sports and Entertainment, Toronto Raptors
  • SCHOTT AND BUSINESS LEADERS REACH AGREEMENT FOR NEW STADIUM

         Reds Owner Marge Schott and the Cincinnati Business
    Community (CBC) announced plans yesterday to build a new ballpark
    on Riverfront West (Geoff Hobson, CINCINNATI ENQUIRER, 5/31).
    Although there is no chosen design and no formal land purchase,
    COX NEWS states the proposed stadium would seat 45,000 and cost
    about $200M to build.  Schott: "Business leaders and I have
    agreed to work together to locate a new world-class stadium at
    Riverfront West that will benefit not only the Reds and their
    fans but the city of Cincinnati as well."  Financing remains an
    issue with Gov. George Voinovich saying he would "support a state
    commitment" similar to what was done for Cleveland's Gateway
    Project.  In Cleveland, state support amounted to 12% of the
    total cost of Jacobs Field and Gund Arena.  Voinovich's Press
    Secretary Mike Dawson: "We have not yet received the details of
    the Cincinnati press conference, but the Governor would support
    state funding in the range of 15 percent" (Simms & Vinella, COX
    NEWS/DAYTON DAILY NEWS, 5/31).
         WHAT ABOUT THE BENGALS? According to Procter & Gamble Chair
    & CEO Ed Artzt, a member of the CBC, the Reds deal is good news
    for the Bengals.  Artzt added the CBC is committed to keeping the
    Bengals in Cincinnati.  Artzt: "I can't give you specific
    details, but discussions have been held with the ownership of the
    Bengals and with Mike Brown. We're all feeling pretty positive
    about that" (DAYTON DAILY NEWS, 5/31).  In a statement, Bengals
    President and GM Mike Brown noted that the Reds move was cause
    for concern, but hopes things will work out.  Brown: "We hope
    this will prove to be a first step toward an overall solution
    that will keep both of the city's major league franchises where
    we believe they belong" (Bengals).  Brown reportedly has until
    late June to respond to an offer from the Maryland Stadium
    Authority to move the team to Baltimore (CINCINNATI ENQUIRER,
    5/31).
    

    Print | Tags: Canadian Broadcasting Corp., Cincinnati Bengals, Cincinnati Reds, Facilities, Procter and Gamble
  • STATE OF THE ARENAS: "THE AUD" MEETS ITS CROSSROADS

         "The Aud" has been home to Buffalo's NHL and minor league
    hockey clubs since it's opening in 1940, but will close after
    next season when the new Crossroads Arena opens.  The new $122.5M
    project will be a public/private partnership, with Erie County,
    the City of Buffalo and State of New York contributing $55
    million of the facility's cost.
    ARENA(S):      Memorial Auditorium, Crossroads Arena, Buffalo, NY
    TENANTS:       Buffalo Sabres
    AGE:           Aud opened October 15, 1940, Crossroads to open in
                   October, 1996.
    OWNERSHIP:     Aud -- City of Buffalo.
                   Crossroads -- public/private partnership
    COST:          Crossroads will cost a total of $122.5M.
    CAPACITY:      Aud's capacity is 16,134 for hockey, Crossroads
                   will seat 20,000 for hockey.
    LUXURY SEATS:  Approximately 200 luxury seats at the Aud.
                   Crossroads will have 2,400 club seats and 80
                   suites.  All revenue generated goes directly to
                   the Sabres. Luxury seating will have direct access
                   to covered parking along with beverage service
                   available via computer ordering.
    CONCESSIONS:   All revenues to Sabres in both arenas
    ADVERTISING:   All revenues to Sabres in both arenas
    PARKING:       Limited parking for the stadium, but all revenues
                   go to the Sabres.
    GAME-DAY:      Sabres are responsible for employees
    LEASE:         The lease actually expires at the end of the '94-
                   '95 hockey season.  However, a clause in the lease
                   states that if the new building is not completed
                   by this time, the lease will be renewed annually.
    MAINTENANCE:   The City of Buffalo has been responsible for
                   maintenance at the Aud.
    RENT:          $1.75M
    (Sources:  Michael Masiello, Director of Buffalo Auditorium)
    

    Print | Tags: Buffalo Sabres, Facilities, NHL
  • WARRIORS MAY BE MOVING BACK TO SAN FRANCISCO

         The San Francisco Redevelopment Agency "unanimously agreed"
    to consider a downtown site on Rincon Hill as a convention center
    and new home for the Warriors, according to the SAN FRANCISCO
    CHRONICLE.  The plan must now go to the San Francisco Board of
    Supervisors for approval who could begin hearings as early as
    next week.  Board President Kevin Shelley: "We'd be delighted to
    have the Warriors back in San Francisco."  Warriors Owner
    Christopher Cohan has stated he wants the team in a new facility
    by the fall of 1998 and is believed to favor the Rincon Hill
    site.  Cohan is also exploring options in San Jose and Oakland
    (Dan Levy, SAN FRANCISCO CHRONICLE, 5/31).
    

    Print | Tags: Facilities, Golden State Warriors
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