The cost of the Steelers' new $244M stadium has
increased from $212M due to design changes, and the Steelers
have "agreed to secure a loan" to cover the costs,
increasing their contribution toward the cost of the
facility from $76M in '98 to $113.1M, while the Pirates have
increased their commitment to a new $209M ballpark from $40M
to $44M, according to Robert Dvorchak of the PITTSBURGH
POST-GAZETTE. To assist in construction financing, the
Steelers have agreed to pay $2.5M in rent up front, "rather
than make" ten annual payments of $250,000. The Pirates
will pay $100,000 a year in rent. The price of building two
facilities and the "parallel project" of expanding the
convention center has "grown by about" $128M, or about 16%,
since '98, largely due to development around the new
facilities. Land between the facilities will be developed
by a joint venture of the two teams, which will have to buy
or lease the property. Both teams will be responsible for
day-to-day operations and maintenance of the facilities,
costs that were "borne by the public" at Three Rivers
Stadium. The Pirates "expect those costs to be about" $10M
per year, the Steelers about $8M (PITT. POST-GAZETTE, 5/10).
