Facility Notes
In Pittsburgh, Belko & Rotstein report the new Penguins arena would still be built “even if the $7.5[M] a year for 30 years committed by casino licensee Don Barden evaporated.” The state of Pennsylvania would be responsible for a shortfall, and the $290M bond issue for the arena “likely will carry insurance to cover any potential defaults.” The awarding of the slots license to Barden is being challenged by losing bidders Forest City Enterprises and Isle of Capri Casinos, both of which committed arena funding in their proposals (PITTSBURGH POST-GAZETTE, 3/16).
MARLINS UPDATE: The Florida state House Economic Development Committee unanimously approved a bill to give the Marlins a second $2M subsidy for a new ballpark. A second bill also was approved that doubles subsidies to $4M annually for facilities if the home teams “promise not to leave the state for 30 years.” Both bills have “additional committee stops in the House” as well as companion bills in the state Senate (PALM BEACH POST, 3/16).
NOTES: The Pittsburgh-Allegheny County Sports & Exhibition Authority approved up to $10M in tax credits for infrastructure related to the Steelers’ plan to build an amphitheater near Heinz Field (AP, 3/16)....The NJSEA “plans to submit a bid to continue to host NCAA basketball tournament games” in 2012. NJSEA VP & GM Ron VanDeVeen said, “We believe we are a viable arena in this marketplace even with the Newark arena being built” (AP, 3/15)....The ’08 McDonald’s All-American High School Basketball Boys & Girls Games will be held in the Bradley Center, the first time Milwaukee will host the events (McDonald’s).
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