SBD/2/Facilities Venues

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  • MARINERS WILL NOT SPEARHEAD NEW STADIUM EFFORTS

         Mariners VP Paul Isaki said a matter of "very Japanese"
    dignity prevents the team from heading up efforts to build a new
    ballpark, according to the Tacoma NEWS TRIBUNE.  Addressing the
    King County Council budget committee, Isaki said that Nintendo
    President Hiroshi Yamauchi considers his '92 purchase of the team
    a "gift" and could never consider asking taxpayers to build him
    stadium.  Isaki said any vote on a tax would have to be held in
    '95 since the Mariners will need a new home before their Kingdome
    lease expires at the end of '96.  Budget Committee Chairman Peter
    von Reichbauer:  "The average person is going to question the
    Mariners' commitment. ... They should be leading the charge
    financially and physically" (Tacoma NEWS TRIBUNE, 6/1).
    

    Print | Tags: Facilities, Seattle Mariners
  • MEGAPLEX FINANCING HINGES ON HOTEL FEES, PRIVATE INVESTOR

         The MA megaplex commission's $943M convention center-sports
    complex "hinges on" $23.4M in annual payments from the hotel
    industry and calls for $90M in corporate contributions that are
    yet to be determined, according to this morning's BOSTON GLOBE.
    In approving financing yesterday, the commission "effectively
    tied the convention center and two sports facilities together,
    recommending that no individual portion go forward unless the
    entire project does" (Richard Kindleberger, BOSTON GLOBE, 6/2).
         NUMBERS BREAKDOWN:  Of the $943M in costs, $90M would come
    from corporate contributions, $150M from the Red Sox and $703M
    would be financed.  Annual financing costs are $75.4M.  With $29M
    annually from the state, $5M from the Patriots and $45.3M from
    "dedicated revenue sources" (hotel and rental car fees, ticket
    surcharges and stadium parking), the commission projects annual
    revenue at $79.3M.  Costs:  $79.7M for site acquisition, $162.2M
    for infrastructure, $547.4M for convention center and domed
    stadium, $150M for the baseball park, $6.7M for legal and other
    fees (BOSTON GLOBE, 6/2).  Gov. William Weld meets this week with
    a top official from ITT/Sheraton, which has expressed interest in
    becoming an investor.  An ad seeking corporate investors has
    drawn 13 responses (Meg Vaillancourt, BOSTON GLOBE, 6/2).
    

    Print | Tags: Boston Red Sox, Facilities, New England Patriots
  • TAMPA SPORTS AUTHORITY OPTS TO BUILD A NEW STADIUM

         The Tampa Sports Authority (TSA) is moving forward with a
    plan to build a new $168.1M stadium for the Bucs, according to
    the ST. PETERSBURG TIMES.  Faced with the choice of renovating,
    rebuilding, or building a new stadium, the TSA made its decision
    based on the ability of the architects to cut the price of a new
    stadium from $210M to $168M.  The TSA's financing committee is
    hoping the bulk of the financing will come from PSLs (ST. PETE
    TIMES, 6/2).  Planners hope to raise up to two-thirds of the
    costs through private contributions and persuade taxpayers and
    lawmakers to pay the rest (Jim Kenyon, TAMPA TRIBUNE, 6/1).
    

    Print | Tags: Facilities, Tampa Bay Buccaneers
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