The WI Stadium Board will be responsible for $562.7M in
principal and interest payments over 30 years for the
construction of Miller Park, according to board financial
figures cited by Kenneth Lamke of the MILWAUKEE JOURNAL
SENTINEL. Although the cost, which was revealed yesterday
"as part of a new bond issuance," was "obtained" from the
board's own documents, board Exec Dir Mike Duckett said,
"This is a flawed financial analysis that presents a
misleading, inaccurate and inappropriate view of this
complex financial transaction." Meanwhile, board members
"gave final approval" yesterday to the sale of another $42M
in bonds, $30M of which "is needed to pay for the costs of
the July 14 crane accident" at the ballpark until insurance
payments are received, and $12M which "covers the city's
infrastructure payment for the project." But Lamke notes
that even the $562.7M figure "is not the entire cost of the
project, because some things are being paid for with cash,
not borrowed money." The Brewers are contributing $90M to
the project, the state and county $60M and the board another
$27M, bringing the total cost of the facility and related
development to $739.7M (MILWAUKEE JOURNAL SENTINEL, 10/15).
