Source: Raiders Stadium Will Cost $200M Less Golden Knights' Practice Facility To Be Top-Flight St. Louis MLS Investors Hopeful Funding Vote Passes Georgia State Updates Turner Field Construction Rays' Ballpark Site Search Still Complicated Braves Will Help Fans With SunTrust Traffic Raiders' Vegas Stadium Financing Remains Complicated Sacramento, Kings To Refinance '97 Arena Loan Facility Notes Proposal Made To Lift Crandon Park Restrictions
Published May 27, 1998
N.Y. STORIES: NYC Mayor Rudy Giuliani "will consider leading a campaign to abolish term limits for City Council members" if Council Speaker Peter Vallone "drops his drive for a referendum on a new Yankee Stadium (N.Y. TIMES, 5/24). Former NY Gov. Mario Cuomo, who is working as an unpaid advisor to Yankees Owner George Steinbrenner, wrote an op-ed in the DAILY NEWS under the header "Don't Drive Yanks to New Jersey." He called on city leaders not to rush a referendum without the proper study (N.Y. DAILY NEWS, 5/26). OTHER NOTES: Dover Downs Entertainment, parent of Dover Downs Speedway and Nashville Speedway USA, is listed among BUSINESS WEEK's "Hot Growth Companies." Due to its "booming gaming and motor-sports business at its Dover Downs Complex, it has racked up average annual revenue and earnings growth of 99.8% and 70.9%, respectively, over the past three years" (BUSINESS WEEK, 6/1 issue)...In Chicago, "leading developers have dismissed" Bears Owner Michael McCaskey's "talk" of a new stadium and hotel/convention center in Elk Grove Village outside the city and say "he'll be forced to meet" city Mayor Richard Daley's "demand for a lease extension" at Soldier Field (CHICAGO SUN-TIMES, 5/24)....In Miami, Cindy Krischer Goodman compared the arena deals in Miami and Broward County and wrote that Wall Street investors "were wowed by just how strong sales" of the Heat's new arena's luxury suites have been. The Heat "is well on its way" to rasing more than $13M a year from luxury seating, "double the average for a typical single-sports arena." Aaron Barman, Managing Dir of Prudential Securities, which placed the $185M in bonds: "We are impressed by the strong levels of commitments almost two years before the building is open" (MIAMI HERALD, 5/23). In Ft. Lauderdale, Alan Snel wrote that the bond placement is "notable' for its 27-year term and 6.7% annual interest -- the lowest rate on record for any modern arena (Ft. Lauderdale SUN-SENTINEL, 5/24).