The Paterson (NJ) City Council recently approved the use of $1.1 million in federal housing funds for the 75-unit senior citizen building being done in conjunction with the reconstruction of Hinchliffe Stadium. The council also gave final approval to a 30-year tax break for the Hinchliffe development. The $76.7 million project also would include a 315-space parking garage as well as a restaurant with museum exhibit space. Read more here and here. Thanks to John Cerone for links.
Category Archives: Money & Financials
A Sports Illustrated survey of minor league organizations, sent to all teams in late April, shows just how desperate the situation has become. The responses of 68 clubs—in addition to interviews with executives representing 21 of those teams—make clear that the minor leagues are facing a crisis that could destroy professional baseball in cities across the country. Read more here. This could apply to independent professional and summer collegiate clubs as well.
The Worcester City Council has approved a revised financing plan to address about $30 million in increased costs for a new baseball stadium being built in the city for the coming Worcester Red Sox (Triple-A, International League). Read more here.
Binghamton University’s sports facilities in Vestal (NY) will be transformed with a $60 million anonymous gift that will create a new Baseball Stadium Complex for the Bearcats. Read more here. View renderings here. Of course, there always has to be one critic in the house. Read more here. While we get where Michael Poliakoff, president of the American Council of Trustees and Alumni, is coming from, this scolding is unwarranted: Continue reading
Worcester (MA) expects to borrow an additional $32 million to cover construction and acquisition costs related to the new Polar Park under construction for the Worcester Red Sox (Triple-A, International League). In a memo, City Manager Edward Augustus Jr. stated that no existing city tax revenue will be used to fund the new ballpark. The team and City plan to make up for these costs in part by increasing ticket fees and parking prices at the stadium. Read more here and here.
Construction costs for Polar Park have increased by $9.5 million over initial estimates, while costs to acquire the properties needed for the ballpark, relocate businesses and prepare the site for development have run roughly $20 million more than what was anticipated. Read more here.
The Wichita City Council on Tuesday approved a 2 percent sales tax within a newly established Community Improvement District, or CID, encompassing the area around the new baseball stadium and parts of the east bank of the Arkansas River. Read more here.
An item on the Wichita (KS) City Council agenda is a proposal to establish a Community Improvement District, or CID, for an area around the new baseball stadium which would raise sales tax by 2%. If approved, the funds from the CID will go to the ballpark’s developers for a period of up to 22 years. The City Council will discuss the idea during the meeting on January 7th. Read more here.
City of Edmond (OK) staff are reviewing renovation costs for AC Caplinger Park. The park is located north of the entrance to Hafer Park off Ninth Street and Bryant Avenue. The initial cost estimates were about $16 million. Read more here. Read previous story here. Edmond is a suburb of Oklahoma City with a population over 90,000.
Taxpayers in southeastern Wisconsin will be free of paying $30 million a year in a special 0.1% sales and use tax supporting Miller Park, home to the Milwaukee Brewers, under legislation that is expected to pass and be signed into law by the governor. If approved, the 23-year-old revenue program would be permanently retired beginning Jan. 1, 2020. Read more here.
In an effort to break the legal logjam that’s threatening their new ballpark, the Oakland A’s are offering to either buy out the city’s half share in the Oakland-Alameda County Coliseum site for $85 million or enter into a long-term lease, sources close to the negotiations say. Read more here.
The Houston Astros and Washington Nationals are preparing to face off in Major League Baseball’s first World Series between teams that share the same spring training complex — the Ballpark of the Palm Beaches in West Palm Beach (FL). Off the field, the fall classic opponents are reluctant teammates in a protracted legal fight with the contractors who built their $153 million spring home. More than three years after the complex opened, at least three companies say they’re still owed millions of dollars. Read more here.
Angel Stadium has been an expensive asset that has yielded little profit for Anaheim over the past two decades, according to recently released city data. But city spokesman Mike Lyster has a take that goes beyond the numbers. Read more here.
After two seasons in Aberdeen (SD), the Hub City Hotshots (Summer Collegiate, Expedition League) have suspended operations for the 2020 season. As reported, in a letter from Expedition League President Steve Wagner, who took over operation of the Hotshots this summer, he cited neglect by former team owners Chuck and Mayra Heeman. Read more here. Read more background here.
Legislation that would make it easier for Oakland (CA) to finance the infrastructure needed for a proposed Oakland A’s ballpark at the Port of Oakland’s Howard Terminal cleared its final hurdle at the state Capitol. Supporters are asking Governor Newsom to sign the bill into law. Read more here.
A fund that could have allowed for tax dollars to be spent on building projects across the state, including a new downtown stadium for the Beloit Snappers (Single-A, Midwest League), has been partially vetoed by Governor Tony Evers. Read more here.
Lafayette’s (IN) mayor doesn’t plan major changes to plans for a new city baseball stadium even though construction bids totaled nearly $4 million more than expected. The new 2,500-seat stadium would be built at the same site as the current Loeb Stadium in Columbian Park southeast of downtown Lafayette. Read more here.
The Oakland Athletics’ plan to build a privately-financed ballpark at Howard Terminal near Jack London Square could generate $7.3 billion in economic benefits over 10 years for Oakland and Alameda County, according to a study by the Bay Area Council Economic Institute. Read more here.
Joplin’s (MO) debt for the 2015 rebuild of Joe Becker Stadium will be paid off later this year. The City Council has agreed to a proposal by the finance director to use money in the general fund’s unrestricted fund balance to pay off the remaining debt. The city owes $1.62 million of the $2 million it financed in an effort to enlarge the stadium for use by a professional baseball team. Read more here.
A waterfront ballpark to attract the Los Angeles Angels to Long Beach CA) could cost more than $1.1 billion, and the city has received a study that explores options for paying some or all of that cost, according to city documents released Monday night. Read more here.
Boise officials might change the way the city would pay for the proposed new main library and sports stadium to avoid putting the projects on the ballot this November. Boiseans could vote on them anyway. Read more here. Meanwhile, the Boise State Broncos baseball team, potential future co-tenants of the new stadium, have unveiled the uniforms they will wear when they return to action in 2020, after a four-decade hiatus. Read more and watch video here.
— Boise State Baseball (@broncosportsbsb) May 2, 2019
Paterson (NJ) Mayor Andre Sayegh is proposing an $18.7 million reconstruction of Hinchliffe Stadium, the national landmark that has been vacant so long trees are growing out of its crumbling, concrete grandstands. Read more here. Read opinion piece here. Read another opinion piece and view photo gallery here.
Andy Appleby, chief investor in a small group that launched the Utica (MI)-based United Shore Professional Baseball League in 2016, said the endeavor that combines developmental baseball with affordable family fun should again be as financially profitable as its first three seasons. Appleby said he’s in talks with four or five expansion cities. Read more here.
Boise city officials want to build an $85 million new main library and a $50 million stadium west of Downtown. They want to use urban-renewal money to help pay for them. A bill moving through the Legislature could crimp those plans. Or could it? Read more here.
New figures show the debt incurred for building Southwest University Park, home of the El Paso Chihuahuas (Triple-A, Pacific Coast League), will be covered by revenue generated by the stadium and hotel occupancy tax revenue alone after 2021, two years ahead of schedule. Read more here.
There’s a six-foot cyclone fence surrounding the waterfront parcel located at 3556 NW Front Ave. in Portland. On top of that fence, three strands of barbed wire stretch the length of the property, keeping people like me out. Read more here.
The new baseball stadium under construction for the Fayetteville Woodpeckers (Single-A, Carolina League) was supposed to cost an estimated $33 million at the start — before the design. Now, it’s costing about $40 million to actually build the ballpark. Read more here.
Those who understand the legislative process know that there is a big difference between introducing a bill and actually getting one passed into law. That said, two bills “introduced” in the Oregon Legislature would repeal laws passed by the Legislature in 2003 that allowed for up to $150 million in state-issued bonds to help pay for the construction of a major-league stadium in Portland (OR). Under the 2003 law, the bonds would be paid back with an income tax on the salaries of players and team managers. Read more and view renderings here.
Empire State Development has awarded Monroe County (NY) a $550,000 grant to help fund significant upgrades to Frontier Field in Rochester, home of the Rochester Red Wings (Triple-A, International League). Planned improvements include a 360-degree concourse, kids area, beer and wine garden, an expanded party space, and more. Read more here.
Bridgewater Township (NJ) will conduct a study to determine whether county-owned land near the TD Bank Ballpark, home of the Somerset Patriots (Independent Professional, Atlantic League), is in need of redevelopment. This could help fund needed upgrades to the two-decades-old stadium to enhance the experience for fans and help the team to remain competitive. Read more here.
Franklin’s (WI) Ballpark Commons mixed-use development is seeking another $5.2 million in city financing help — beyond $22.5 million already approved. Read more here.
The Wichita (KS) City Council Tuesday agreed to the issuance of STAR bonds to help pay for the construction of a new, modern ballpark where Lawrence-Dumont Stadium now sits. Read more and watch news report here.
With council approval of the plan, the city of Worcester can proceed with plans to go to market Wednesday to raise about $30 million through a bond sale. The offering is expected to be the first in a series of bond sales that will raise the $100.8 million needed to build a new ballpark for the relocating Pawtucket Red Sox (Triple-A, International League). Read more here.
The city of O’Fallon (MO) has locked the River City Rascals (Independent Professional, Frontier League) out of the city-owned ballpark. According to a 2017 lease agreement, the Rascals owed the city $122,000. A plan was signed to pay back the debt over time but city officials say the team has not lived up to its part of the lease. Read more and watch news report here.
As costs continue to rise, while revenues remain flat, the city of Martinsville (VA) has tough budget decisions to make, including evaluating the future of the Martinsville Mustangs (Summer Collegiate, Coastal Plain League). First, over the last four years, the league has managed the team, as part of a five-year contract with the city that expires after the 2019 season. Second, Hooker Field needs an estimated $1.5 million in repairs and renovations. Read more here.
A bond referendum will be on the ballot for Mint Hill (NC) residents on Nov. 6 for the public to vote on two bonds, including one that would fund a 2,500-seat ballpark would be the home of local youth baseball and a Coastal Plain League (Summer Collegiate) franchise. If approved, construction would last approximately 13 to 15 months with a targeted opening date of May 2020. Read more here.
A week ago, Northwoods League (Summer Collegiate) Chairman and Co-Founder Dick Radatz, Jr. blasted the past and current ownership of the Thunder Bay BorderCats as a “malady of incompetency.” Below is more of what Radatz had to say:
“Very frankly, we’ve had incompetent ownership up there for quite some time, and they have not run the franchise properly. It’s severely under-performed, and it’s a shame that the people of Canada had to experience this incompetency, truthfully.”
The franchise has clearly been an embarrassment for the powerhouse circuit for years, as it’s attendance has continued to languish at or near the bottom despite operating in a market with a population of over 100,000. A group of local investors is scrambling to raise funds to save the franchise before the league-decreed deadline and upcoming October league meetings in Madison (WI). Read more here.
The Worcester (MA) City Council Tuesday night approved a loan authorization of up to $100.8 million for the construction of a 10,000-seat ballpark that will be home to the relocating Pawtucket Red Sox (Triple-A, International League) beginning with the 2021 season. Read more here.
A study commissioned by the Cobb County Chamber of Commerce has determined that SunTrust Park, home of the Atlanta Braves, and The Battery Atlanta are driving an average, total, net fiscal impact of approximately $18.9 million annually for Cobb County. Read more here.