Facility Notes
In Orlando, David Damron reports Magic officials unveiled a new funding plan that “could break deadlocked negotiations with local officials over how to pay for a new $480[M] arena.” Team and area leaders “have been at odds over $100[M] that the team pledged to help the city of Orlando borrow.” The Magic said that they would be willing to purchase a $5-6M insurance policy that “could lock in an interest rate” on the loan that would “all but ensure taxpayers don’t get left on the hook for a costlier borrowing plan.” Orange County negotiators said that for the plan to work, the policy “needs to secure a truly competitive interest rate.” If any debt repayments are not covered by taxes, the “team or the insurance company will cover those costs” (ORLANDO SENTINEL, 2/15).
FAIR GROUNDS: In Louisville, Gregory Hall reports Churchill Downs Inc. (CDI) plans to build its first slots parlor at Fair Grounds Race Course in New Orleans. Construction on the 30,000-square-foot facility “had been planned to start in September 2005,” but Hurricane Katrina postponed the effort. It is scheduled to open in late fall ’08. While the company initially expected to spend $20M on the facility, CDI Dir of Corporate Communications Julie Koenig Loignon could not provide a current estimate. She said that some details are “still being finalized and that construction costs in New Orleans have risen” since Katrina (COURIER-JOURNAL, 2/15).
NOTES: Arl Properties, a limited partnership registered to Blue Star Development Dir of Stadium Development Jud Heflin, has bought 11 parcels “within walking distance” of the new Cowboys stadium. Cowboys Owner Jerry Jones also owns part of Blue Star Development, but Heflin said that the purchases “are unaffiliated” with the team (FT. WORTH STAR-TELEGRAM, 2/15)....The Univ. of Minnesota selected Minneapolis-based M.A. Mortenson Co. to build its new football stadium (Minneapolis STAR TRIBUNE, 2/15).
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