The Philadelphia City Council yesterday "gave final
approval" by a 15-2 vote for new stadiums for the Eagles and
Phillies, according to Clea Benson of the PHILADELPHIA
INQUIRER, who writes that the Eagles "hope to open" their
stadium in September '03, while the Phillies "are aiming to
finish building" their ballpark by April '04. The $1.01B
project will include the construction of the stadiums, the
"demolition of the aging Veterans Stadium, and the expansion
of the parking lots." Benson writes that the agreement
"commits the city to spending" $304M for construction and
$90M for "operations and maintenance" for the stadiums.
Depending on "how the city borrows money to pay for its
share, the total the city will pay" over 30 years "likely
will come to nearly" $1B. The city's share "is to be
covered" by a 2% tax on rental cars and by the increased tax
revenue that the stadiums will generate. Additional money
"will come from the state," which has put up $170M, as well
as from the Eagles and Phillies (PHIL. INQUIRER, 12/21).
MONEY STILL LACKING: Benson notes that a $54M gap in
the financing plan remains, but the city and teams "hope
that the money will come from the state and from private
sources," such as Comcast Corp., which "could make money
from development of the sports complex." Additionally, the
city and teams "still must work out the final details of the
lease agreement on the stadiums" (PHILADELPHIA INQUIRER,
12/21). Also in Philadelphia, Dave Davies reports city
payments "will average around" $31M per year over the next
30 years, though "at least some of it will come back in new
tax revenues." Davies adds that with the deal still $53M
short, it could "still collapse" (DAILY NEWS, 12/21).
SPRING FEVER COMES EARLY FOR PHILS: In St. Petersburg,
Christina Headrick reports the St. Pete City Commission
agreed to sign a "use agreement" with the Phillies to keep
the team's spring training operations in Clearwater until at
least '03. The new deal "is expected to more than double"
the city's costs to maintain the office and stadium in
Clearwater, bringing the city's annual expenses for the team
to about $729,300 (ST. PETERSBURG TIMES, 12/21).
