Houston officials "made a firm offer yesterday to keep
the Rockets" from relocating one day after Louisville Mayor
Dave Armstrong drafted a proposal for a new downtown arena to
attract the team (see THE DAILY, 6/29), according to Rick
McDonough of the Louisville COURIER-JOURNAL. Although the
team has yet to accept the Houston deal, city officials said
they're "close to an agreement" to build a new $175M arena
for the team that would open in 2003. Harris County-Houston
Sports Authority Chair Billy Burge, who hopes to finalize an
arena deal by July 10: "The major business points have been
addressed. We have a little ways to go, but we're in the
last 5 percent of basic business to be worked out." But any
agreement reached between the team and the city "would not be
final" because it would still have go before Houston voters
in a November referendum. The latest arena proposal in
Houston calls for the Rockets to make annual lease payments
of $8.5M for 30 years, which would cover $105M of the debt,
with the rest being covered by revenue from taxes on rental
cars and hotel rooms. Louisville's "offer is to build" a
$180M arena and a $40M parking garage, with the team paying
$42.7M up front (COURIER-JOURNAL, 6/30). In Houston, Eric
Berger writes that "most" opponents of the '99 arena deal
that was defeated by voters called the new proposal
"promising." Rockets COO George Postolos: "It's important to
get something done quickly" (HOUSTON CHRONICLE, 6/30).
ARENA STIFF-ARMED? In Houston, John Lopez writes that
the city's expansion NFL franchise, to debut in 2002, "could
make or break the Rockets' deal," as team Owner Bob McNair is
still "negotiating lease and project agreement terms with the
sports authority" for a stadium. Lopez: "No matter how
chummy Rockets Owner [Les] Alexander and the sports authority
have become, if the football papers go unsigned and NFL 2002
funding runs short, then the Rockets can again expect little
or no support from ... McNair in the arena campaign."
McNair: "We want the arena deal to work. But we hope it will
not prevent us from building a stadium that's in line with
the design and specifications necessary" (CHRONICLE, 6/30).
