STEELERS AND PIRATES ANNOUNCE STADIUM PROJECT CONTRIBUTIONS
The Steelers and Pirates ended "months of speculation"
yesterday by unveiling "their financial share of two
proposed North Side sports stadiums," according to Sandra
Skowron of the Pittsburgh TRIBUNE-REVIEW. Steelers
President Dan Rooney announced that the team will commit to
a private contribution of $50M toward the cost of
constructing a new stadium and said that as part of the
team's commitment, it would sign a 25-year lease for the new
stadium. The team would assume responsibility for cost
overruns in the construction of the new stadium, provided
that it control the design and construction phase of the
project. The Pirates would commit $35M for construction
costs of a natural grass stadium expected to cost $185-200M
and, like the Steelers, would sign a 25-year lease and pay
for cost overruns if they control construction and design.
Pirates Managing General Partner Kevin McClatchy said that
the team hasn't determined how it will raise the $35M yet.
Rooney said that his club "likely would borrow" $50M to
build a $185M stadium and then use team revenues to pay off
the loan. Team execs were "hopeful their commitments would
bolster support" for a 0.5% sales tax increase which will
appear on the ballot in 11 counties (TRIBUNE-REVIEW, 9/26).