SBD/11/Facilities Venues

BALDWIN PREDICTS PENGUINS ACCORD ON IGLOO SOON

     Penguins Owner Howard Baldwin "predicted" that he would
reach a "comprehensive plan" with the city and county
commissioners on all Civic Arena-related issues, including
whether a new downtown facility should be built, according to
Steve Halvonik in the PITTSBURGH POST-GAZETTE.  Halvonik writes
Baldwin's "optimistic assessment" came "only days" after the
Penguins "refused to make an $800,000 bond payment for previous
renovations at the arena."  The bond issue "may now become a
bargaining chip in negotiations."  Baldwin said, "No one was
harmed because we did not make this payment," while adding that
"bondholders were paid by escrow funds."  The Civic Arena is
owned by the Public Auditorium Authority of Pittsburgh, a
partnership of the city and county, and it must pay off the bonds
if the Penguins default.  Baldwin has formed Igloo Development
Corp. to explore ways to renovate and improve the arena and
examine the possibility of building a new, state-of-the-art
facility downtown.  It will also explore retail development of
the land surrounding the Civic Arena.  The team soon will present
estimates of how much changes to the Civic Arena would cost and
how much they would be willing to contribute.  Baldwin wants the
city and county to take over the $1.2M in annual bond repayments
the team is making to finance $10M in renovations from two years
ago.  He also seeks reimbursement of the $1.6M in payments that
the team has already made.  Baldwin named Chuck Greenberg, a
Pittsburgh attorney, to head Igloo Development (PITTSBURGH POST-
GAZETTE, 9/10).
Return to top

Related Topics:

Facilities, Pittsburgh Penguins

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug