SBD/7/Facilities Venues

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  • DENVER GIVES UP ITS SEAT AND ASCENT LOOKS TO CASH IN

              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).
    
    

    Print | Tags: Colorado Avalanche, Denver Nuggets, Facilities, PepsiCo
  • HERE'S THE DEAL: PEROT DEVELOPMENT COMPLEX IN JEOPARDY

              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).
    
    

    Print | Tags: Dallas Mavericks, Dallas Stars, Facilities, Southwest Sports Group
  • ISC AND STATE OF KANSAS REACH DEAL ON NEW $175M SPEEDWAY

              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).
    
    

    Print | Tags: Facilities, Int'l Speedway Corp.
  • PATRIOTS SUFFER TWO LOSSES? LITTLE LOVE FOR NEW STADIUM BILL

              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). 
    
    

    Print | Tags: Facilities, New England Patriots
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