In Detroit, Bill Shea reported Detroit-Wayne County Stadium Authority, which owns Comerica Park, “plans to refinance the $61.2 million remaining in public debt on the construction of the $300 million stadium.” The group on Tuesday issued “a preliminary official statement explaining the tax-exempt bonds' financials, history and other background, as part of the refinancing.” Wayne County Assistant Corporation Counsel and Special Counsel to the Authority Steven Collins said that the interest rate on the bonds is "now about 5.75 percent, and the goal is to refinance at roughly 3 percent.” He said that at the original interest rate estimate, the “total public debt paid was predicted to be about $120 million by 2027” (CRAINSDETROIT.com, 8/22).
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).
