Cavs "Quietly" Sought County Funds For Arena Bettman: Flames Need New Arena Marquette, Bucks Partner On Athletics Center Gillette Stadium Adds Cross Insurance Pavilion NASCAR HOF Sponsors Revenue Plummets Glendale On Pace To Lose $8.8M On Arena Deal OU Prez Says Stadium Upgrades Not Delayed Indy Eleven Unveil Stadium Renderings Wisconsin Gov. Proposes Bucks Arena Funding Inglewood Likely To Vote On Proposed NFL Stadium
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SBD/August 23, 2012/Facilities
Published August 23, 2012
TEMPORARY CHANGES: In Charlotte, Helms & Morrill report Democratic National Convention organizers “are spending $7 million to prepare” Time Warner Cable Arena, “which will have 15,000 seats.” In addition, DNC COO Theo LeCompte said that the construction budget “for turning Bank of America Stadium into a site for Obama’s acceptance speech is $5 million.” The money will come “from the nearly $37 million the Charlotte host committee is obligated to raise for the convention.” Crews have been “at the arena for more than a month, with much of the work focused on laying the phone and Internet connections needed for a wired event drawing worldwide attention” (CHARLOTTE OBSERVER, 8/23).
APPROVED: The Santa Clara Oversight Board yesterday voted to approve a settlement agreement regarding the disposition of disputed California redevelopment funds. The Oversight Board in June claimed that the $30M of the committed RDA funds could be redirected for use among a number of entities including the school district. However, the board yesterday approved an agreement with the 49ers, which resolved the dispute and provided immediate funding to the schools. The tentative agreement was announced last week; details of the settlement were reviewed at the meeting yesterday. The 49ers will defer payments and reduce the interest rate on amounts owed by over 30% in order to assist the school district in meeting its anticipated needs (49ers).
TAKING FROM THE BUCS: In Tampa, Bill Varian reports the board that oversees Raymond James Stadium yesterday agreed that nearly $12M in tax money set aside years ago for a Buccaneers practice center “can go to local governments.” The unanimous decision comes “nearly two months after Hillsborough County commissioners voted to ask for some of the money to help pay for park expansions and other projects delayed by five years because of falling tax receipts.” The rationale was the team “hasn't claimed the money after 16 years, and local government can use it to meet pressing needs now” (TAMPA BAY TIMES, 8/23).