Franklin (WI) officials, pursuing the potential for $100 million in development that would create a new downtown for the Milwaukee County suburb, endorsed a $10.5 million deal for the construction of a new indy pro Frontier League baseball stadium that would serve as a catalyst to spur private commercial projects. The Common Council is scheduled to meet April 22 to vote on the plan. Read more here.
Category Archives: Money & Financials
The city of Cleveland is spending $6.3 million to restore and renovate what’s left of historic League Park, where the Cleveland Indians played in the early 1900s. The project includes installation of an artificial turf baseball field. Read more and view photo gallery here. Go to LeaguePark.org. Go to League Park Wiki page.
By a vote of 4-3, the Columbia (SC) City Council has agreed to hire Hardball Capital of Atlanta to bring a minor-league team to Columbia and operate a yet-to-be-built stadium. This was the first step toward spending $29 million in public money for a $35 million year-round facility. Read more here.
A proposal for Franklin (WI) taxpayers to borrow $10.5 million to build a minor league baseball park for an indy pro Frontier League franchise is apparently dead, after a city task force voted 4-0 Wednesday night to reject the funding plan from Mike Zimmerman. But a different city proposal to help finance the stadium at The Rock sports complex might be forthcoming. Read more here.
The Ocala (FL) City Council voted unanimously Tuesday to end the city’s purchase and sale agreement with Ocala Trophy Ltd., which owned the land where a proposed new stadium would have been build for the Single-A Tampa Yankees (Florida State League), if approved by voters. Read more here.
Randy Levine, president of the New York Yankees, debates Mike McKee, Bloomberg’s Economics Editor, over the value of using taxpayers dollars to renovate or build new ballparks for spring training. Watch debate here.
As the Major League Baseball season gets rolling, the folks over at Swimmingly have put together an infographic that shows the cost of scoreboard marriage proposals at every MLB ballpark. Prices range from $39 at PNC Field, home of the Pittsburgh Pirates, to $2,500 at Dodger Stadium, home of the Los Angeles Dodgers. Some teams apparently don’t allow such proposals. Read more and view infographic here.
The New York Mets’ ballpark-related revenue reported to regulators dropped for the fourth straight year in 2013, down nearly 34 percent since Citi Field opened in 2009. Read more here.
As MLB teams head home shortly from spring training to prepare for their regular-season openers, a lack of development and uncertain funding from the Arizona Sports and Tourism Authority could leave Glendale and Goodyear (AZ) in tough financial spots after backing the construction of new spring-training ballparks. Read more here.
Ramapo (NY) has agreed to fork over a $125,000 fine and create 2.2 acres of new wetlands after admitting it broke federal environmental laws to pave way for a new ballpark for the indy pro Rockland Boulders (Can-Am League). The project is still under investigation by the FBI over its financing. Read more here.
Because the proposed new ballpark for the Triple-A Las Vegas 51s (Pacific Coast League) is slated for the planned community of Summerlin outside the city limits of Las Vegas, it is unlikely that public dollars from Sin City will be made available for the project. According to the Las Vegas Review-Journal, Las Vegas Mayor Carolyn Goodman made the following three suggestions: Continue reading
The Palm Beach County Commission Tuesday gave its endorsement to trying to craft a deal with the Houston Astros and Washington Nationals that could include building a $100 million stadium and training facility that would host both teams for spring training. Read more and watch news report here.
The Houston Astros and Washington Nationals may have to take a swing at getting Florida lawmakers to contribute up to $50 million in state funds quicker than a 37-year period in order to strike a deal for a new $100 million spring training stadium in Palm Beach County (FL) to host the two teams. Read more here.
Some fans of the indy pro St. Paul Saints (American Association) are reportedly up in arms over the reality that the comfortable seatback chairs with cupholders behind home plate at the new Lowertown ballpark will be more expensive than the crappy bleacher seats behind home plate at Midway Stadium. Saints GM Derek Sharrer does a nice job explaining the pricing. Watch news report here. Read more here.
The Virginia House of Delegates on Wednesday passed a bill that would allow the city of Fredericksburg (VA) to capture additional revenue from its planned minor league baseball complex to be built to house the relocating Single-A Hagerstown Suns (South Atlantic League). Read more here.
The Eugene (OR) School Board on Wednesday selected the city’s $4.5 million bid to buy the shuttered Civic Stadium property, but the deal won’t be consummated by the city unless supporters raise $3 million in the next few months to renovate the old wooden grandstand and install a new sports field. Read more here. Visit Friends of Civic Stadium here.
The city of Columbia (SC) is looking at three revenue sources that could fund a new baseball stadium for an affiliated club, two of which are bonds that could cost the city roughly $70 million or $80 million over the next several decades. Read more here.
The Biloxi (MS) Council is expected to vote next Tuesday whether to issue $21 million in bonds to build a minor league baseball stadium for the relocating Double-A Huntsville Stars (Southern League). Read more here.
Backers of bringing a MLB franchise to Portland (OR) have the blueprint for a state-of-the-art baseball-only stadium, which would have a retractable roof and seat 35,000. They have community support, including that of the current city administration. A site endorsed by mayor Charlie Hales has been chosen. Read more here. Thanks to John Cerone for the Link.
Shelby County Commissioners reluctantly approved county government’s part of the AutoZone Park deal Monday, Jan. 27, despite delaying a vote on it at committee sessions last week. Read more here.
Tampa Mayor Bob Buckhorn‘s idea to put $100 million of downtown tax money toward a potential new Tampa Bay Rays stadium is getting a skeptical look from the Straz Center for the Performing Arts and other nonprofits. Read more here.
The city of St. Paul has received a $748,000 grant from the Metropolitan Council to help offset the cost of environmental cleanup at the new regional ballpark in Lowertown for the indy pro St. Paul Saints (American Association). Read more here
Pima County Administrator Chuck Huckelberry said that while public use of Kino Sports Complex continues to grow, the county will have to dedicate roughly $1.5 million a year to maintain current operations. Kino Stadium, located at the complex, is the soon-to-be-former home of the Triple-A Tucson Padres (Pacific Coast League). Read more here.
While negotiations with potential ownership groups have been ongoing since the financially troubled summer collegiate Quincy Gems (Prospect League) were put on the market by the Quincy Civic Center Authority in October, no group has stepped up to the plate to purchase the franchise. The authority will continue prepare for the start of the 2014 season with the team still on the market. Read more here.
The Memphis (TN) City Council agreed Tuesday to purchase AutoZone Park for $24 million, allowing the completion of a deal that will see the St. Louis Cardinals take financial control of the Triple-A Memphis Redbirds. Read more here.
After receiving a withdrawal request from the Single-A Tampa Yankees (Florida State League), Ocala (FL) shelved plans to relocate the minor-league baseball team to Marion County (FL) amid public concerns over using tax dollars to build a stadium. Read more here.
Despite bids that came in some $5 million higher than what city officials said a new Sulphur Dell ballpark for the Triple-A Nashville Sounds (Pacific Coast League) would cost, Nashville (TN) Mayor Karl Dean says the the new facility will come in on budget. Read more here.
With a focus on the ballpark built for the indy pro Rockland Boulders (Can-Am League) in 2010-2011 and the minor league baseball stadium building boom from 1993-2003, Bloomberg takes a look at a select number of ballpark projects and the promises made to taxpayers to get them built. Read more here.
Facing public heat on a proposal to put a sales tax hike on the countywide ballot for March 18 to pay for a $53 million ballpark to attract the Single-A Tampa Yankees (Florida State League) to Orlando, Marion County commissioners agreed to postpone their decision to work on another way to finance the project. Read more and watch news report here.
Citing missed payments, a bank that helped finance the development of Campbell’s Field, home of the indy pro Camden Riversharks (Atlantic League), is suing to recover $4.6 million in loans. CFDA Baseball Property Inc., which took out the loans, and the Riversharks ownership group, the guarantor of the loans, have been named in the suit. Read more here and here. Thanks to John Cerone for the links.
The summer collegiate Martinsville Mustangs (Coastal Plain League) had their first profitable season this year, which prompted Martinsville (VA) City Council last Tuesday to award a five-year contract to Team Cole & Associates of Gastonia (NC), the private firm hired to manage the city-owned baseball team this past season. Read more here.
The Memphis (TN) City Council on Monday changed the terms of the proposed deal in which the city would buy AutoZone Park and the St. Louis Cardinals would buy the Triple-A Memphis Redbirds (Pacific Coast League). The council then delayed a vote on the amended terms until its meeting on Dec. 17. Read more here. Watch news report here.
On the eve of a critical vote by the Memphis City Council, a report from Moody’s Investors Service gives a “negative” outlook to its Aa3 rating of $23.6 million in revenue bonds the city plans to use to finance the purchase of AutoZone Park and improvements to it. Read more here.
Downtown Memphis Commission Approves Bond Funding for AutoZone Park, Contingent Upon City Council Vote
The Center City Revenue Finance Corp. on Wednesday unanimously voted to issue up to $27 million in sports facility revenue bonds for the city’s acquisition of AutoZone Park, home of the Triple-A Memphis Redbirds (Pacific Coast League), which is a prerequisite to – and conditioned on – the Memphis City Council approving a $20 million deal next Monday to buy out of the facility. Read more here.
Auburn Community Baseball, the not-for-profit organization charged with managing the Single-A Auburn Doubledays (New York-Penn League) and Falcon Park for the city is requesting $125,000 from the city to pay outstanding debts owed to various vendors and suppliers. A vote on the request is scheduled for Dec. 5. Read more here.