Facility Notes
In Pittsburgh, Mark Belko reports the Steelers and Continential Real Estate (CRE) "won't start construction of a proposed" $12M entertainment venue near Heinz Field until April, "four months later than required under a term sheet approved in August." Steelers and CRE officials "exercised an option in the final sales agreement to delay the start of construction until April 1." In addition, the Steelers are "still awaiting word from the state on their request" for a $4M grant to "help cover the cost of the complex" (PITTSBURGH POST-GAZETTE, 1/8).
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Some Of Yankees' $370M Financing For New
Stadium May Go To Video Boards, Suites |
HOME THEATER SYSTEM: In N.Y., Smith & Blain report documents indicate that "more than a quarter of the $370[M] in taxpayer financing in the Yankees' latest demand would go to shiny new toys like giant video screens and upgraded luxury suites." Nearly $95M is for "'scope modifications' -- items not in the team's original plan" when it received $942M in tax-exempt bonds from the city. N.Y. Assembly member Richard Brodsky said, "When we're broke and we can't fund the MTA and we can't fund schools, to give the Yankees another $400[M] is bizarre." The Yankees' $95M in extras includes $14.2M for a scoreboard, $10.7M for a giant video board and $10.4M in luxury suite upgrades. The Yankees also want "more money to make room for two restaurants, a New York Yankees Steakhouse and a Hard Rock Cafe." The Mets for Citi Field also are "seeking about $13[M] for new goodies, including more restaurant space, high-definition scoreboards and security upgrades" (N.Y. DAILY NEWS, 1/8).
NOTES: In San Antonio, Tom Orsborn reports the city of San Antonio has "begun preliminary discussions with the Dallas Cowboys about extending their contract to hold training camp at the Alamodome beyond 2011" (SAN ANTONIO EXPRESS-NEWS, 1/8)....In Philadelphia, Marcia Gelbart writes when the current FY ends in June, total revenue from the city's amusement tax is "projected to be higher than it has been in at least five years." The tax -- a 5% surcharge on the admission fee for concerts, movies, sporting events and more -- was up 55% over last year for the months of October, November and December. Overall, the amusement tax is "expected to raise" $18.4M this fiscal year, "slightly more than" the $18M generated last year (PHILADELPHIA INQUIRER, 1/8).
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