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DALLAS ARENA GETS MORE FUNDING, BUT ARE COSTS "MUSHROOMING"?
Published December 4, 1997
The city of Dallas has agreed to "kick in an extra" $20M for "road and sewer projects" around the proposed new arena for the Mavericks and Stars, prompting complaints that "subsidies are mushrooming," according to Todd Gillman of the DALLAS MORNING NEWS. A 44-page master agreement, which calls for a 20,500-seat facility with 2,500 club seats and 120 luxury boxes, was presented to the City Council. It includes a provision that $10M of the facility's $230M price tag go back to the team owners as "fees for managing and financing the deal." Gillman writes that "critics" say the "growing costs, payments to team owners and lack of guaranteed development around the arena" make the deal "unacceptable." But Dallas Mayor Ron Kirk said, "Our costs on the arena are $125 million, and they're not going to go a penny higher" (DALLAS MORNING NEWS, 12/4). In Ft. Worth, Mede Nix reports that Mavs Owner Ross Perot Jr.'s Hillwood Development Corp. will be paid $8.4M as "developer" of the project, while Stars Owner Tom Hicks' firm Hicks Muse Tate & Furst will be paid $1.58M as a "financial fee" (Mede Nix, FT. WORTH STAR-TELEGRAM, 12/4).