Facility Notes
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AutoZone Park Owner In Default On
Ballpark Payment |
In Memphis, Marlon Morgan reports Triple-A PCL Memphis Redbirds and AutoZone Park Owner Memphis Redbirds Baseball Foundation (MRBF), for the first time since issuing $72M in bonds in '98 to cover the cost of buying the team and building the stadium, was in "default of its March 1 payment of $1.625[M] to US Bank, the trustee for the bonds." The MRBF was "forced to dip into its debt reserve fund to make the payment," and Redbirds President Dave Chase Thursday said that the money "must be replaced in the reserve fund account, but there is not timetable for doing so." Chase: "Technically, it's in default, but the reserve fund is there for this occurrence. It's the first time we've had to use the reserve fund. We've been openly talking to the bondholders about how we go forward from here" (Memphis COMMERCIAL APPEAL, 5/29).
COLLECTIONS DOWN: In Milwaukee, Don Walker reports the Miller Park stadium district received $2,028,531 in sales-tax money in May, "more than 7.6% lower than last year's distribution for May." The figure, which represents collections in March, puts the district "nearly 6.4% behind last year's pace for the first five months of the year" (MILWAUKEE JOURNAL SENTINEL, 5/29).
IN THE RUNNING: In Newark, Tom Luicci reported Monmouth Park officials have sent a "formal letter to the Breeders' Cup expressing their interest in having" the track host the race for a second time. The track hosted the event in '07. NJSEA President & CEO Dennis Robinson, whose organization operates the venue, said the authority is "not into any formal process yet." Robinson: "It was more of 'listen, Monmouth Park is a wonderful place and we did a wonderful job last time.'" Breeders' Cup Senior Dir of Event Communications Jim Gluckson said that the next scheduled Breeders' Cup BOD meeting is July 9, and added that it is "not known if the bidding process for future sites would be discussed then." Luicci noted the "next available Breeders' Cup is 2012" (NJ.com, 5/28).
SHORT WEEK: In L.A., Art Wilson reports Hollywood Park will ask the California Horse Racing Board (CHRB) for "permission to hold four-day race weeks for the remainder of its spring-summer meet, which ends July 19." The track "canceled Wednesday racing earlier this month due to a horse shortage after live racing was canceled Thursday, April 30 because the track could not fill an eight-race card." The CHRB "meets again June 5 at Santa Anita" (L.A. DAILY NEWS, 5/29).
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