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BREWERS GIVEN THREE WEEKS TO GET STADIUM FINANCING STRAIGHT
Published March 26, 1996
Milwaukee's Professional Baseball Park District Board gave the Brewers three weeks to finalize the team's $90M contribution toward financing of a new ballpark. The board also voted 9-4 to suspend a five-county sales tax hike by May 1 if it is not satisfied with the team's contributions. The board heard from Brewers President Bud Selig and VP/ Legal Counsel Wendy Selig- Prieb twice during a lengthy session yesterday (AP/ESPNET SportsZone, 3/26). Board Chair Robert Trunzo concluded there was "still a shortfall" in the Brewers' package. Problems centered around the "present-day value" of part of the team's package, which analysts said left the Brewers' proposal about $10-15M short of its intended $40M goal. Included in that was the naming rights deal with Miller Brewing, which had been expected to have a present value of $20M. However, lender bank NationsBank placed that value at only $15M. Another problem was the board's estimate of concession contracts at $10-15M, not the $20M cited (Amy Rinard, MILWAUKEE JOURNAL SENTINEL, 3/26).