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BREWERS DISCOVERING UPS AND DOWNS OF BOND ISSUE
Settling on the proper interest rates for the bonds to help finance the Brewers' new $250M stadium "is proving to be a tough balancing act," according to Kenneth Lamke of the MILWAUKEE JOURNAL SENTINEL. While the rate must be high enough to attract bond buyers, it must be low enough so the Brewers can afford to pay them back -- and so far that medium has not been found. Timothy Sheehy, President of the Metropolitan Milwaukee Association of Commerce: "The teeter-totter swings back and fourth." Two other factors --the coverage ratio and length of the bonds -- also have yet to be worked out. Sheehy said he "wouldn't be surprised" if Northwest Mutual Life "played a role" in buying some of the bonds (MILWAUKEE JOURNAL SENTINEL, 5/25). Today's WALL STREET JOURNAL reports $60M of the stadium will be financed by privately placed debt so the team won't have to open its books to public inspection (WALL STREET JOURNAL, 5/29).
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MCHALE UPBEAT ABOUT STADIUM; RUMORS OF A FORD TAKEOVER
Tigers President John McHale said he "is optimistic" that legal challenges from the Tiger Stadium Fan Club will be overcome and that construction on the new Stadium will begin in December, according to Joseph Serwach of CRAIN'S DETROIT BUSINESS. McHale said, while the stadium could be completed within two years after ground breaking, it "will probably take 30 months" in order to avoid mistakes. In a separate piece, Matt Roush reports that Denise Ilitch Lites, daughter of Tigers Owner Mike Ilitch and president of Olympia Development Inc., will return to Detroit to help attract business and entertainment opportunities to the new stadium area. Ilitch Lites said she will hire at least one senior staff member and a support staff soon but that her company will not be involved directly in land acquisition for the stadium itself, which is being handled by the city (CRAIN'S DETROIT BUSINESS, 5/20). RUMOR-DU-JOUR: The DETROIT NEWS' Joe Falls reports that "the rumor bouncing around" is that Ilitch lacks the funds to build the new ballpark and that Edsel Ford will buy the Tigers and share a downtown stadium with Bill Ford's Lions. McHale: "We've had continuing talks with the Lions, but there is nothing to it right now. And we do have the money to build our own stadium" (DETROIT NEWS, 5/26). -
RAPTORS AREN'T CROSS OVER STADIUM DIRECTOR'S DEPARTURE
Jay Cross, who has currently been the stadium project director for the Raptors' Air Canada Centre, has been hired by the Heat to work on their proposed $165M arena, writes Robert MacLeod of the Toronto GLOBE & MAIL. Raptors President John Bitove Jr. insisted Cross's departure has nothing to do with the fact that construction of the Air Canada Centre continues to be delayed by legal details, and that he encouraged Cross to take the Heat job. Bitove: "They are where we were two years ago. They need someone to put it together to make it happen." The Raptors also announced that they will hold part of their training camp next season at the 4,200-seat Molson Centre in Barrie, 45- minutes north of Toronto (Toronto GLOBE AND MAIL, 5/28).
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STADIUM NOTES
MA House Speaker Thomas Finneran has named former BOSTON HERALD sports business reporter Phil Primack as a policy aide. The appointment of Primack, "who wrote extensively on casinos and the megaplex, was greeted with a gulp from insiders with a stake in those issues" (BOSTON GLOBE, 5/26)....Redskin Owner Jack Kent Cooke said he will officially break ground for his new 78,600- seat stadium in June (WASHINGTON TIMES, 5/25)....In an article detailing the boom of new sports stadiums, Dan McGraw of U.S. NEWS & WORLD REPORT writes that $7B has been spent or committed in the past three years to build or renovate 30 major sports facilities in America. McGraw warns, however, that if the "supply of big-revenue-producing luxury suites" outstrips demand, the "stadium boom could go bust" (U.S. NEWS & WORLD REPORT, 6/3)....Jack Wilson, head of The Greater Tampa Chamber of Commerce, has begun working with the Arlington, VA-based Public Opinion Strategies to help "combat ... areas of voter anger" over proposed sales tax increases to help fund a new stadium for the Bucs (TAMPA TRIBUNE, 5/27).... Canlan Investment Corp. has announced plans to build an arena containing four NHL-sized ice pads in the Toronto suburb of Etobicoke (Toronto GLOBE AND MAIL, 5/25)....In an article on numerous price hikes at Madison Square Garden, the N.Y. POST's Li & Francescani write, "MSG is slam- dunking New York Sports fans ... everyone from high-roller luxury-suite holders to the average Joe" (N.Y. POST, 5/26).
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WITH VA SITES FLOUNDERING, D.C. STADIUM RESURFACES
The DC Sports Commission plans to hire a consultant within the next few weeks to examine the feasibility of a downtown baseball stadium near the MCI Center, which is currently under construction. Lena Sun of the WASHINGTON POST reports the Commission has been talking to two groups, The Virginia Baseball Club, led by William Collins, and the L'Enfant Group, headed by Calvin Hill, about bringing a team to the DC area. The consultant would study the availability of land and the traffic issues related to a stadium at Gallery Place (WASHINGTON POST, 5/28). Meanwhile, the FAA has asked Arlington County, VA, to perform $7,500 worth of studies to determine whether a stadium would interfere with navigation and air traffic control of planes attempting to land at nearby National Airport (Lipton & Nakashima, WASHINGTON POST, 5/29). Loudoun County, VA, may re- enter the stadium derby with site west of Dulles Airport. Unlike a previous plan, rejected because the county would have had to foot a $30M bill, the new strategy calls for area entrepreneurs or the Virginia Baseball Stadium Authority to buy the land and build the stadium (WASHINGTON TIMES, 5/29). VA JACKPOT: If a site for a new stadium in Northern Virginia is settled on, state legislators say that the lottery "is shaping up as the most likely" form of state money. The WASHINGTON TIMES reports that because Gov. George Allen opposes any tax increase, legislators have had to look to new lottery games and "a hodgepodge of small user fees" to pay for the stadium (WASHINGTON TIMES, 5/28). NEED A LEADER: The POST's Eric Lipton examines the lack of a leader driving the bid for a stadium in VA, with some blaming "Disney-itis" -- a fear of being associated with a failed project like the Disney theme park in Prince William County (WASHINGTON POST, 5/25).




