"A source familiar with the Mavericks' new arena
negotiations" says the team is looking at a site in suburban
Carrollton, TX, according to this morning's FORT WORTH STAR-
TELEGRAM. The site is a block from Lewisville, where voters have
already turned down a tax increase proposal for a new facility.
Richie Whitt reports that Southwest Airlines and Blockbuster "are
the leading candidates" to land the arena's naming rights (FORT
WORTH STAR-TELEGRAM, 6/30).
Red Sox Exec VP John Buckley said yesterday "the team is not
looking at other possible sights in the wake of a Tuesday public
hearing where some 600 South Boston residents expressed stiff
opposition" to their plans for a new park. In Boston this
morning, Richard Kindleberger reports that the team will "seek
out South Boston community and business leaders to hear their
concerns" (BOSTON GLOBE, 6/30). Phil Primack reports that "a
well placed State House source" says the Legislature will not
take action on a megaplex bill this summer (BOSTON GLOBE, 6/30).
DC officials are "discreetly" seeking a better deal to
finance the city's share of the costs for the proposed downtown
sports arena, according to the WASHINGTON BUSINESS JOURNAL. One
"eye-catching" offer is from Morgan Stanley, which financed
Baltimore's Camden Yards. NationsBank and Crestar Bank have
offered to loan the city about $53M to cover site preparation
costs, with the loan being repaid by a new city tax on
businesses. But Michelle Bernard, Chair of the DC Redevelopment
Land Agency, which controls the city-owned site, said last week
the NationsBank/Crestar financing proposal was "preposterous" and
"not economically sound" for the District (Thomas Hall,
WASHINGTON BUSINESS JOURNAL, 6/30 issue). In this morning's
WASHINGTON POST, Michael Fletcher reports that "residents and
business owners of Chinatown" -- where the new arena will be
located -- want Caps/Bullets Owner Abe Pollin to "address more of
the community's concerns" (WASHINGTON POST, 6/30).
On a "long day pockmarked by tough talk, bombs of confusion
and acrimonious debate," Cincinnati's City Council approved a
$540M plan to finance new stadiums for both the Reds and Bengals
through an increase in Hamilton County's sales tax from 5.5% to
6.5%. The 5-4 vote came five minutes before a midnight deadline
set by Bengals Owner Mike Brown for a stadium plan to be in
place. Brown said he would negotiate exclusively with MD Stadium
Authority officials if a plan was not agreed upon. The tax will
go into effect October 1. The stadiums, to be constructed along
Cincinnati's riverfront, are expected to be completed by 2000.
Brown said he "couldn't be happier": "We cried out and people
heard us" (Green, Goldberg & Michaud, CINCINNATI ENQUIRER, 6/30).
Brown, in a statement: "The Bengals belong in Cincinnati. I've
never felt any other way" (Bengals). THE PLAN: TAXES:
Hamilton County will raise their sales tax from 5.5% to 6.5%,
subject to referendum which could be go on the ballot if enough
signatures are collected by opposition groups. The state and
teams will also contribute financing; OPERATIONS: The county will
operate and maintain the stadiums; SCHOOLS: Cincinnati's public
schools will receive funding, at least $10M/year in building
improvements; PARKING: County maintains "substantially the same"
amount as now available at Riverfront Stadium; RIVERFRONT: The
county will assume all debts, obligations and responsibilities
for the old stadium. The city will give the county all revenue
collected from the stadium. The team's city-owned practice
facility will also be transferred to the county; MARKETING: The
Cincinnati Business Committee and Greater Cincinnati Chamber of
Commerce will form a marketing committee to market and lease new
skyboxes and seats; FINANCES: Approximately $100M will be
raised from the sales tax annually, with $46M for property tax
relief, $35M for stadium financing, and additional funds for a
new jail and other projects (CINCINNATI ENQUIRER, 6/30).
THE PARKS: The Reds new stadium will have about 45,000
seats and have a similar design to Camden Yards and Jacobs Field.
The football stadium will be constructed on Riverfront's site and
seat around 70,000 with 100 corporate suites (CINCINNATI