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STEELERS AND PIRATES ANNOUNCE STADIUM PROJECT CONTRIBUTIONS
Published September 26, 1997
The Steelers and Pirates ended "months of speculation" yesterday by unveiling "their financial share of two proposed North Side sports stadiums," according to Sandra Skowron of the Pittsburgh TRIBUNE-REVIEW. Steelers President Dan Rooney announced that the team will commit to a private contribution of $50M toward the cost of constructing a new stadium and said that as part of the team's commitment, it would sign a 25-year lease for the new stadium. The team would assume responsibility for cost overruns in the construction of the new stadium, provided that it control the design and construction phase of the project. The Pirates would commit $35M for construction costs of a natural grass stadium expected to cost $185-200M and, like the Steelers, would sign a 25-year lease and pay for cost overruns if they control construction and design. Pirates Managing General Partner Kevin McClatchy said that the team hasn't determined how it will raise the $35M yet. Rooney said that his club "likely would borrow" $50M to build a $185M stadium and then use team revenues to pay off the loan. Team execs were "hopeful their commitments would bolster support" for a 0.5% sales tax increase which will appear on the ballot in 11 counties (TRIBUNE-REVIEW, 9/26).