Houston Mayor Bob Lanier has offered $15M in city funds to
help pay for the Astros proposed new $250M ballpark, according to
John Williams of the HOUSTON CHRONICLE. Lanier plans to seek
City Council approval to market $15M worth of PSL to help fund
construction. He also wants the city to "pay any difference"
between the $15M cap and the amount the city sells in PSLs.
Lanier doubts the city will have to use any tax money because he
feels the city will have no problems selling PSLs. This city
proposal, along with Harris County Judge Robert Eckels' offer,
would mean Astros Owner Drayton McLane would have to put up
$62.5 million-- or 25% of the stadium cost, which differs from
Eckels' previous plan to have McLane pick up 40%. McLane is
"balking" because he doesn't want to be "responsible for any cost
overruns at the stadium." McLane did add though, "This is the
first sign of help we've seen" (HOUSTON CHRONICLE, 8/23).
Meanwhile, Carlton Thompson reports Eckels feels "lagging"
advance ticket sales will have no bearing on negotiations with
McLane. Thompson yesterday's attendance of 14,899 was the third
consecutive "small" crowd at the Astrodome (HOUSTON CHRONICLE,
8/23).
