Facility Notes
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MLS Philadelphia Pulls Request For Expansion
Of Tax-Free Building Zone For New Stadium |
In Pennsylvania, Amy Brisson reported in a front-page piece developers of MLS Philadelphia's planned soccer stadium in Chester "withdrew their request for the expansion of their tax-exempt building zone" after it became clear they "would not be able to strike a deal with the Chester Upland School District before an end-of-the-year deadline." The school district last month "demanded a hearing and memorandum of understanding outlining ways the developers of the planned $115[M] soccer stadium could benefit Chester schools." MLS Philadelphia CEO Nick Sakiewicz said, "I wish we could give you hard commitments today, but we're not even sure the stadium is going to be built. If the markets tank next month, then we won't build this thing. We'll be out $15[M] and everyone goes home" (DELAWARE COUNTY TIMES, 12/31).
PETCO PARK HOTEL: In San Diego, Jeanette Steele reports Padres Owner John Moores' development company JMI Realty "is terminating plans for a massive hotel next to Petco Park -- but for procedural reasons." JMI spokesperson Steve Peace said that the move is "just a legal maneuver to avoid future problems due to a possible conflict of interest that arose this summer." Peace added that the company "wants to resubmit the hotel proposal in February," and that it may have fewer than the 1,900 rooms originally envisioned (SAN DIEGO UNION-TRIBUNE, 1/2).
BRADLEY CENTER: In Milwaukee, Don Walker reported the Bradley Center finished FY '08, which ended June 30, "with a net loss of $2.1[M], about $1.5[M] better than the previous fiscal year." The net loss "includes an annual depreciation expense of $2.9[M]." Total operating revenue was $15.1M, up from $12.3M in FY '07. The Bucks received $2.8M in cash during the fiscal year, plus "a commitment of $2.1[M] in future years." The Bradley Center also purchased $2.5M in suite tickets from the team (MILWAUKEE JOURNAL SENTINEL, 1/1).
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