SBD/16/Facilities Venues

MEGAPLEX BILL FILED AND MET BY SKEPTICISM FROM LAWMAKERS

     The "long-awaited" legislation to build a Boston megaplex
"met with a frosty reception from key legislators and the hotel
industry," according to this morning's BOSTON GLOBE.  The
response seemed to demonstrate "an uphill battle" for the $1B
convention and sports complex, the possible future home of the
Patriots and Red Sox.  The hotel lobby objected to the proposed
mandatory room fee, and House Ways and Means Chair Thomas
Finneran "was skeptical financing could be made to work."  Talks
continue with ITT about investing in the project, as roughly $90M
in private financing is needed.  A spokesperson for Peninsular &
Oriental Stream Navigation Co., who earlier had been mentioned as
a possible investor, indicated yesterday it was "not interested
in taking an equity stake" (Kindleberger & Vaillancourt, BOSTON
GLOBE, 6/16).  The bill calls for no more than $250M in general
obligation bonds, caps annual debt service at $29M, and would
require the Red Sox to pay $150M for their park (Phil Primack,
BOSTON HERALD, 6/16).
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