The "building binge" of sports facilities was examined by
ABC's John Martin on last night's "World News Tonight." Martin
examined how tax-free bonds paying for stadiums end up costing
taxpayers millions of dollars.  U.S. Sen. Pat Moynihan (D-NY):
"The Treasury loses $50 million a year and rising, because these
are tax exempt bonds even though they are used for a private
commercial purpose."  Martin cites projects and the "lost taxes
over life of the bonds," including the Georgia Dome, where the
U.S. treasury lost $141M in taxes the life of the bond; the
Ravens new stadium, $40M; Gator Bowl, $39M.  Frank Shafroth of
the Nat'l League of Cities said, "In some cases a stadium appears
to do more to ... make a city a live, vibrant place, than
subsidizing a steel factory or a prison or something else."
Moynihan: "If you build a stadium, you don't build a school.
Indeed, you don't build 50 schools."  With nearly 40 public
sports facilities planned in the coming decade the loss to the
U.S. Treasury over 30 years could hit $1B (ABC, 10/7).

     Ford Motor Co. "is expected" to announce Thursday that it
will buy the rights to name a new $225M domed stadium in downtown
Detroit, according to Jon Pepper of the DETROIT NEWS.  Citing
sources to the DETROIT NEWS, Pepper writes rights would cost Ford
between $30M and $40M and the company, as it has "yet to settle"
on a name for the planned stadium, would ask one of its ad
agencies to develop a name and marketing plan "to maximize
exposure."  Pepper notes one possibility is to paint the
trademark blue Ford oval logo on the stadium's roof.  The deal,
which needs the approval of Ford's board of directors, would put
the Lions "more than halfway" toward their goal of raising $50M
from private sources for the stadium by November 1.  The team
also received "informal commitments" Monday from key Detroit
business leaders to help raise the remaining money. If Ford
approves the naming rights deal, it would remove a "significant
hurdle" for the plan to build side-by-side stadiums for the Lions
and Tigers.  The Lions and Detroit Mayor Dennis Archer had
solicited each of the Big Three automakers to contribute money to
the stadium, but Pepper reports Chrysler "rejected that bid, and
GM was prepared to do so." Sources say GM "did not want to be
viewed as aiding" the Lions' departure from Pontiac, where the
company recently expanded its truck and bus operations.
Nevertheless, the other auto companies "may still play a role" in
the dome's financing (DETROIT NEWS, 10/8).

     Dade County, FL officials confirmed yesterday that Calvin
Grigsby is getting back into the municipal-bond business, and
wants to continue as an underwriter on Dade County financing,
including the proposed $130M deal to build a new arena for the
Heat, according to Charles Gasparino of the WALL STREET JOURNAL.
Grigsby recently resigned as CEO of Grigsby Branford & Co., which
is being investigated in an ongoing federal grand jury probe into
municipal bond dealings in Miami.  Grigsby's new firm is called
Grigsby & Associates, and Dade officials say Grigsby informed
them he will maintain offices in NY, Miami, LA, San Francisco,
Sacramento and San Diego. (WALL STREET JOURNAL, 10/8). The probe
of Grigsby Branford's dealings with Dade County is profiled by
DeGeorge, et. al in BUSINESS WEEK.  Grigsby Branford's "travails
reflect grim times for minority-owned municipal-bond firms. Amid
severe industry competition, several have suffered from notoriety
surrounding government investigations" (BUSINESS WEEK, 10/14).

     In Cleveland, a breakfast presentation for a few hundred
business executives today "will kick off" loge sales for the
proposed 72,000-seat lakefront stadium.  Club seat sales will
start in about a month.  By January 31, the city must have lease
agreements for loges and club seats worth $9.4M a year, with at
least $3M from club seats. The average leases must be eight years
for loges and seven years for club seats (Cleveland PLAIN-DEALER
10/6)...In Boston, Kevin Paul DuPont notes "word around" Boston
is that two parties are "seriously interested" in knocking down
the Garden and developing the site into retail, office and
apartment space. Another "rumor" has Delaware North
"contemplating" shifting its headquarters to Boston (BOSTON
GLOBE, 10/6)....Tigers and Little Ceasars Enterprises Inc. owner
Michael Ilitch said he remains "committed" to raising his $145M
share of private financing for a new, $240M ballpark and that
financing would be "of a traditional nature". Ilitch said there
are "no plans" to pledge the assets of Little Ceasars as
collateral on a loan (CRAIN'S DETROIT BUSINESS, 9/30).

     The first TV ad aired Monday in support of a proposal to
spend more than $450M for a new Astros stadium and Astrodome
renovations, according to Armando Villafranca of the HOUSTON
CHRONICLE.  The 30-second spot for Proposition One on the
November 5 ballot tells viewers that "costs will fall on team
owners, private business, fans and tax on car rentals."  Houston
Mayor Bob Lanier, who is shown seated behind his desk, says, "No
property tax, no general sales tax, teams must sign 30-year
leases. I think it's a good play." Villafranca writes Harris
County Citizens for Proposition One has spent $150,000 to air the
ads through mid-October, and the group's "goal" is to raise
$750,000 and to air "several more" TV spots, including a Spanish-
language version.  Villafranca notes one spot "being considered"
will show new stadiums built in other cities with voter support.
In addition, former Astros pitcher Nolan Ryan is being considered
for an ad (HOUSTON CHRONICLE, 10/7).