A bill detailing financing for a new $341M stadium for
the NFL Cardinals in AZ "began an upfield march through the
Legislature" yesterday when it was endorsed by a House
committee with an amendment requiring the team to sign a 30-
year lease, according to Nena Baker of the ARIZONA REPUBLIC.
The 5-1 vote by the Program Authorization Review Committee
"is the first step toward establishing a new Tourism and
Sports Authority" in the state. The authority would choose
a site in Maricopa County for the 78,000-seat stadium "and
enter into a binding agreement" with the Cardinals before a
public vote in November. The Senate Finance Committee also
heard the stadium proposal, "but took no action, letting the
House take the lead on a tax measure that could haunt
lawmakers in an election year." Cardinals lobbyist Steve
Betts said that he was "disappointed the Senate committee
failed to move the proposal, but that it still appears on
track." Overall, the financing outlined in the bill would
amount to $1.8B, with 72% "initially earmarked for stadium
purposes." The Cardinals would provide an upfront
investment of $75M and the payment of game-day expenses
amounting to $38.9M over 30 years. The team would also hold
naming rights to the facility. Also under the bill, MLB's
Cactus League would receive $189.5M "to help retain teams
and lure new ones" (ARIZONA REPUBLIC, 3/10).
