Padres Owner John Moores is considering seeking his own
financing plan for a new football facility to attract a pro team
in Houston, according to John Williams of the HOUSTON CHRONICLE.
Moores sent Harris County Judge Robert Eckels an October 9 letter
"blasting the judges efforts" in finalizing a financing plan.
Moores, in the letter: "During June, the NFL requested a meeting
with my representatives and your representatives to discuss the
stadium financing plan. That meeting can only be described as an
embarrassment since your representatives were unable to
demonstrate or articulate a financing plan. ... Since you have
chosen, for reasons known only to you, not to proceed with me
along the lines we agreed, I have no choice but to proceed along
other avenues and explore other alternatives." Williams writes
that Moores gives no indication of how he might finance a stadium
and notes this is the second time this year a sports owner has
"criticized Eckel's efficiency in preparing financing plans." In
the spring, Astros Owner Drayton McLane Jr. had complained Eckels
was taking too long to devise a financing plan for the new Astros
ballpark (HOUSTON CHRONICLE, 10/21).
ASTROS NEW STADIUM: The average public subsidy for the last
five baseball parks built was 83%, and John Williams notes
although the plan for the new Astros ballpark "relies heavily on
user-pay theories," Harris County expects to subsidize 68% of the
stadium (HOUSTON CHRONICLE, 10/20). Williams reports corporate
investors for the stadium will form a "general partnership"
called Houston Sports Facilities Partnership that will give the
county, or a sports authority, $18M plus $15M worth of land for
the $265M ballpark. In return, the partnership will receive $33M
in bonds that can earn no interest (HOUSTON CHRONICLE, 10/19).
