Cost For New Penguins Arena Rises $31M; Team May Kick In $15.5M
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Penguins Arena Cost Rises To $321M, Team
"Not Surprised" By Increase |
The cost of the Penguins' new arena, which will open before the 2010-11 NHL season, has risen to $321M, forcing the Penguins, the state and the Pittsburgh-Allegheny County Sports & Exhibition Authority (SEA) to "pony up more money to complete the project," according to Mark Belkos of the PITTSBURGH POST-GAZETTE. Under an agreement to be considered by the SEA BOD today, the Penguins will "kick in $15.5[M] to help cover the increase, the state will contribute $10[M] and the sports authority $5.5[M] from sources that could include an existing Mellon Arena ticket surcharge and interest income from new arena bond proceeds." The $321M cost is $31M more than the $290M budget originally set for the arena in '05. Project officials were "not surprised that the arena surpassed" $290M, as Penguins CEO Ken Sawyer yesterday said that the team "considered the $321[M] project cost an 'excellent result.'" Sawyer: "We're very pleased that it's not more than this. We have been spending wisely on this project. At the same time, we're going to have a building we're all very proud of" (PITTSBURGH POST-GAZETTE, 11/13).
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