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Ascent Entertainment will earn "about" $4M more a year from Avalanche and Nuggets ticket sales at the new Pepsi Center arena because "it won't have to pay" Denver's 10% seat tax, according to Kevin Flynn of the ROCKY MOUNTAIN NEWS. Since it will build the arena, Ascent "can bank that money, and use it to help meet the debt" of the proposed $160M arena. While Ascent "wants to break ground" in three weeks, a full agreement is expected this month which "calls for city subsidies in the form of property tax elimination and sales tax givebacks. But Ascent will privately secure the bulk of the financing" (ROCKY MOUNTAIN NEWS, 10/6).
Dallas' plan to build a new sports arena on a parking lot next to Reunion Arena "could sink" Mavericks Owner Ross Perot Jr.'s "promise to construct a huge shopping, office and apartment complex around the arena because the tract is too small," according to Gillman & Ingrassia of the DALLAS MORNING NEWS. But so far, neither Perot nor Stars Owner Thomas Hicks have agreed to the lot location, which is "the only potential site specified" in a letter of intent. The city and teams must agree to a site by November 12, the deadline for the City Council to call a referendum on the $230M arena deal reached last week (MORNING NEWS, 10/7).
KS officials and FL-based Int'l Speedway Corp. (ISC) reached agreement on a new 1.5 mile oval speedway to be constructed in Kansas City, KS. The estimated $197M facility is scheduled to be completed in 2000 and seat 75,000 (ISC). In K.C., Eric Palmer reports that financing of the track will involve $55.6M from ISC; $87M in revenue bonds; $43.2M from the state, "mostly in highway money;" $7.5M in local taxes and $3.6M in "commitments from utilities." ISC is slated to pay annual lease payments of $4.8-7.5M over the life of the issued revenue bonds, and the "lease payments and the state sales taxes generated at the track would cover the bond payments." After the bonds are paid off, ownership of tracks property will transfer from the Wyandotte County to ISC (K.C. STAR, 10/7).
During a five-hour public hearing, "key" MA lawmakers joined House Speaker Thomas Finneran in "opposing" a new Patriots stadium bill and said that the state "should receive more than increased tax receipts" for its $50M investment in land and infrastructure around the Foxboro facility, according to Tina Cassidy of the BOSTON GLOBE. Near the end of the hearing, House Ways and Means Chair Paul Haley "essentially declared the bill dead on arrival in its present form." MA Acting Gov. Paul Cellucci testified for the bill that would use $30M in state aid on infrastructure improvements around the stadium and $20M to buy land at the site and lease it back to the team. The Patriots would be required to spend "at least" $50M of their own money for stadium renovation. The panel members "suggested the team could reduce taxpayers' exposure through naming rights for Foxboro Stadium, ticket surcharges" and the sale of PSLs. Patriots VP/Business Affairs Andy Wasynczuk said the team would be "definitely open" to selling naming rights, but added that it didn't want to increase ticket prices or implement PSLs (BOSTON GLOBE, 10/7).