Facility Notes

BLOOMBERG's Kuriloff & McDonald reported the Cowboys are "converting $126[M] in bonds to help pay" for their new $1.1B stadium in Arlington, Texas. Cowboys Stadium LP "bought a letter of credit from Bank of America Corp. that lets it change the auction-rate securities to variable-rate demand bonds, another type of floating-rate debt in which rates are set by banks instead of through bidding" (BLOOMBERG NEWS, 5/16).

MINORITY REPORT: According to the Minnesota Department of Civil Rights (MDCR), Mortenson Construction, the company building the new Twins stadium, “has not met its goals for hiring minority workers and contractors.” But the MDCR and Mortenson “believe the company will achieve its goals of having a workforce that is 25[%] minority and awarding minority firms about 30[%] of the $412[M] project by the time the ballpark is done” (MINNEAPOLIS STAR TRIBUNE, 5/17).

Izod Center Could Become Profitable Venue Despite Opening Of Prudential Center

BUILDING WARS: A Bergen RECORD editorial noted proponents of the Prudential Center predicted that its opening would "sign a death warrant" for the Izod Center. The editorial: "But early indications are that the Izod Center ... may see a renaissance as a profitable venue for sports, concerts, special events and family entertainment. Its strength in the market will only be enhanced with the Xanadu shopping and entertainment complex. ... Until time runs out or it is proved otherwise, it makes little sense to close a facility to which patrons are flocking" (Bergen RECORD, 5/17).

NOTES:  Le Coq Sportif North American President Tim McCool said that the company “will close its Portland-based [N.A.] subsidiary effective immediately” (Portland OREGONIAN, 5/15)....Conference USA officials last week voted to return the league's men's basketball tournament to FedExForum in '09 for the fifth straight season. But league officials also recommended that Tulsa host the event in 2010 (Memphis COMMERCIAL-APPEAL, 5/17)....Brewers GM Doug Melvin shot down rumors that the Brewers are "exploring moving their spring training operation" from Auburndale, Arizona, to Sarasota, Florida. Melvin: "We have not met with anyone in Florida" (MILWAUKEE JOURNAL SENTINEL, 5/19)....The White Sox Saturday held a "garage sale" at U.S. Cellular Field, offering items such as broken bats and game-worn jerseys. White Sox Senior Dir of Community Relations Christine O'Reilly said that the event, along with another sale, should raise about $50,000 for charity (CHICAGO SUN-TIMES, 5/18).