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SBD/July 15, 2011/Facilities
Published July 15, 2011
FAST BREAK OFFENSE: In Sacramento, Ryan Lillis reports members of Mayor Kevin Johnson's task force studying a new downtown arena for the Kings "canvassed the suburbs in a bus on Thursday, expanding their sales pitch in an effort to drum up regional support." Task force members said that they "are focusing on funding mechanisms that would target those who use the new arena -- not a general sales tax like the one voters overwhelmingly shot down in 2006." Lillis notes "possibilities include surcharges on Kings tickets and other arena events; a fee placed on parking for arena events in the 8,000 city-owned spaces near the facility; and corporate sponsorships and purchases of luxury seating." A detailed funding plan "is not expected for another eight weeks" (SACRAMENTO BEE, 7/15).
EVERY ROSE HAS ITS THORN: In California, Brenda Gazzar reports the Rose Bowl's $152M renovation project "faces a $2.2 million shortfall after construction bids exceeded estimates, bringing the total financing gap to about $14 million." While bids for "three recent bid packages came in within budget, two others involving steel and demolition work for the soon-to-be widened press box came in significantly over-budget." Stadium and project officials Thursday "recommended the RBOC board award the two bid packages totaling about $16 million anyway, arguing they would be receiving fair value for the work" (PASADENA STAR-NEWS, 7/15).
ALL OPPOSED? On Long Island, Hadrick & Brodsky report the Nassau Interim Finance Authority on Thursday "expressed reservations about County Executive Edward Mangano's plan to redevelop" Nassau Coliseum for the Islanders "with up to $400 million in borrowed money." NIFA asserted that the "total of borrowing to fund the project will exceed $800 million over 30 years when interest costs are included and that property taxes will have to increase 3.5 percent to 4 percent to pay for it." The authority also "rejected Mangano's recently revised multiyear financial plan, removing $225 million in projected revenues and savings that the county executive had included in his budget for next year, and ordered the county to submit new deficit-closing solutions by July 28" (NEWSDAY, 7/15).