Category Archives: Money & Financials

Franklin Rejects Tax Increment Financing for New Ballpark

Frontier League logoThe Franklin (WI) Common Council voted 6-0 Tuesday to reject a plan to provide $10.5 million in tax increment financing for a new ballpark for an indy pro Frontier League franchise, but city officials once again left open the possibility of the plan resurfacing.  Read more here.

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Franklin Moves Toward Approving New Ballpark, $100 Million Development

Frontier League logoFranklin (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.

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Cleveland’s Historic League Park Getting $6M Restoration

Cleveland Indians 1915-1920The 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 hereGo to LeaguePark.orgGo to League Park Wiki page.

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Loudoun Hounds Seek Bonds to Help Finance Stadium

Loudoun Hounds LogoVIP Sports and Entertainment, the company hoping to bring professional baseball and soccer to Loudoun County (VA), wrote to the Economic Development Authority last week asking for a resolution for $55 million in taxable bonds to finance a stadium.  Read more hereView VIP press release here.

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Oak Creek Possible Option B for Frontier League Team

Frontier League logoIf Franklin (WI) balks at approving a deal to build a new baseball stadium for an indy pro Frontier League franchise, The Rock sports complex CEO Mike Zimmerman is reportedly eyeballing nearby Oak Creek (WI) as a possible alternative.  Read more here.

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Columbia Approves Baseball Deal

Sand Gnats LogoBy 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.

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No Taxpayer Funding for Franklin Ballpark Plan, But Maybe TIF?

Frontier League logoA 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.

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Questioning Campbell’s Field, Future of the Camden Riversharks

Camden Riversharks LogoFreelance scribe Tara Nurin takes a look at the reported financial challenges surrounding Campbell’s Field located in Camden (NJ) and ponders the future of the indy pro Camden Riversharks (Atlantic League).  Read more here.

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Council Closes Book on Proposed Ocala Ballpark

Tampa Yankees LogoThe 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.

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Yankees President Defends Spending on Ballparks

New York Yankees LogoRandy 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.

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Infographic Shows Cost of Proposing at Every MLB Ballpark

Swimmingly MLB Marriage Proposal Cost InfographicAs 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.

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Mets Revenue Down Again

New York Mets LogoThe 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.

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Spring Training Ballpark Debt

Chicago White Sox LogoDodgers LogoAs 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 Cleveland Indians LogoGoodyear (AZ) in tough financial spots after backing the construction of new spring-training ballparks.  Read more here.Cincinnati Reds Logo

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Ramapo, Feds Settle Environmental Lawsuit

Rockland BouldersRamapo (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.

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No Sin City Help for Proposed 51s Ballpark in Summerlin

Las Vegas 51s LogoBecause 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

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Palm Beach County Votes to Pursue Ballpark Deal

Houston Astros New LogoWashington Nationals LogoThe 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.

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Richmond Council Members Want Ballpark Consultant

Richmond Flying SquirrelsThe Richmond City Council voted 7-2 Monday to ask Mayor Dwight C. Jones to find $50,000 to hire outside consultants to help vet the plan to build a ballpark in Shockoe Bottom for the Double-A Richmond Flying Squirrels (Eastern League).  Read more here.

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Palm Beach County Needs State Funding Faster for Spring Training Ballpark Deal

Houston Astros New LogoWashington Nationals LogoThe 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.

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Some Saints Fans Cry Foul Over Higher Ticket Prices at New Ballpark

St. Paul Saints Hat LogoSome 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 hereRead more here.

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Virginia House Votes to Help Fredericksburg Baseball Project

Hagerstown Suns LogoThe 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.

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Supporters Must Raise $3 Million to Truly Save Civic Stadium

Eugene Emeralds logoThe 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 hereVisit Friends of Civic Stadium here.

Civic Stadium Rendering

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Columbia Considers Options for Financing New Ballpark

Sand Gnats LogoThe 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.

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Biloxi Ballpark Vote Next Tuesday

Huntsville Stars LogoThe 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.

Biloxi Ballpark Rendering, Dale Partners Architects

Biloxi Ballpark Rendering, Dale Partners Architects

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Backers Want MLB in Portland

Major League Baseball LogoBackers 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.

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County Approves Its Portion of Memphis Ballpark Deal

Memphis Redbirds LogoShelby 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.

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Using Downtown TIF Funds for New Rays Ballpark Raises Concerns

Tampa Bay Rays LogoTampa 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.

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City Gets $748K from Met Council for Environmental Cleanup of Lowertown Ballpark Site

St. Paul Saints Hat LogoThe 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

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Kino Stadium Complex Needs $1.5M Annual Subsidy

Tucson Padres LogoPima 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.

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Gems Still for Sale

Quincy Gems LogoWhile 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.

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Duluth Will Take Another Run at Bonding Dollars for ‘The Wade’

Duluth Huskies LogoWith the 2014 session of the Minnesota Legislature fast approaching, Duluth (MN) will take another run at securing state bonding money for refurbishing historic Wade Stadium, home of the summer collegiate Duluth Huskies (Northwoods League).  Read more here.

Duluth Huskies Wade Stadium Renovations

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Memphis City Council Approves Deal to Purchase AutoZone Park

Memphis Redbirds LogoThe 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.

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Tampa Yankees Move to Ocala Called Off

Tampa Yankees LogoAfter 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.

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Bids for New Nashville Ballpark Higher Than Expected

Nashville Sounds LogoDespite 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.

Nashville Sounds Ballpark Rendering

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New Stadiums Promise More Than Can Be Delivered?

Rockland BouldersWith 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.

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Marion County Delays Vote on Ballpark Financing Plan

Tampa Yankees LogoFacing 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.

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Bank Files Lawsuit to Recover $4.6 Million in Loans Used to Build Campbell’s Field

Camden Riversharks LogoCiting 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.

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Mustangs Profitable for the First Time

Martinsville Mustangs New Logo 2013The 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.

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Memphis Council Changes Terms, Delays Vote on AutoZone Park Deal

Memphis Redbirds LogoThe 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 hereWatch news report here.

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A Moody Outlook for City’s Debt in AutoZone Park Deal

Memphis Redbirds LogoOn 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.

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Downtown Memphis Commission Approves Bond Funding for AutoZone Park, Contingent Upon City Council Vote

Memphis Redbirds LogoThe 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.

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