Posted on 12/15/2004 1:27:42 PM PST by maineman
Washington Mayor Says Baseball Deal Nearly Dead
Sports - Reuters
By Kristin Roberts
WASHINGTON (Reuters) - The deal to bring Major League Baseball back to Washington, D.C, was described by Mayor Anthony Williams as close to dead Wednesday after the City Council changed the plan to require private financing.
"I believe the deal is broken. The dream is now close to dying," he said. "We're in great jeopardy here, and I think I'm being optimistic."
The City Council Tuesday approved a financing plan for a new waterfront stadium to host what would become the Washington Nationals baseball team, but added a requirement that the mayor find private financing to cover half the construction costs.
Taking out infrastructure and investment fund costs associated with the $1 billion project, the total amount needed in private financing for the stadium's construction would be about $140 million, Councilman Jack Evans said.
Without private financing in place by June no stadium would be built under the amendment proposed by Council Chairwoman Linda Cropp and approved by the council.
That could be a deal breaker, according to city sources close to the negotiations with Major League Baseball. Under the agreement signed by Williams and the baseball organization, firm funding must be finalized by December 31.
Williams and Evans, baseball's biggest supporter on the City Council, said they will continue to work with Cropp and the council to address the funding issue, noting they still have half a month to find a solution.
That would likely require the council to agree to remove the requirement that the stadium not be built without private funds. Instead, the mayor would simply be required to seek private financing options.
EVENT CANCELED
Major League Baseball has not commented on Tuesday's council action. But the organization canceled an event scheduled for Wednesday afternoon to unveil new team uniforms.
"I think that speaks volumes as to where we stand," Williams said.
Major League Baseball in September said it would move the Montreal Expos (news) to Washington, D.C., bringing the professional sport back to the capital city after 33 years.
The re-christened Washington Nationals would play in the existing Robert F. Kennedy Stadium starting with the 2005 season until a new stadium could be completed. The new park was expected to be ready in 2008.
Under the mayor's deal with Major League Baseball, Washington promised to build a publicly financed stadium with revenue bonds backed by a new business tax, a higher sales tax and rent paid by the team.
The mayor asked the council to approve a nearly $1 billion funding package. That would include authorization to sell about $500-550 million in revenue bonds for the stadium and another $400 million in revenue bonds for a community investment fund.
The specific sum of stadium bonds to be sold has not been determined, and the total project cost is still being revised.
Williams first said the stadium would cost $440 million, but estimates from the city's independent chief financial officer and auditor have come in at least $100 million above that mark.
Of the funds, Evans said $280 million would be needed to build the actual stadium. The rest of roughly $550 million in stadium-related spending would be used for infrastructure in the area surrounding the building.
The private financing amendment added to the funding package, therefore, would require the mayor to find about $140 million in private funds for the stadium's construction.
And in her mind, the hell with the fans.
You ready for the Las Vegas Gamblers to play?
"They NEVER should have considered D.C. Northern Va. was the place to go. Another great deal made into crap by our great citizens of our Nations Cap. UGH!!"
Build it at Langley. It would make better, more productive use of the land than do the current occupants.
MLB, NBA, NFL: "We'll come to your city (or stay in it) if you build us a first rate facility with your tax dollars and then give us a sweetheart rent deal. Oh, we keep all the advertising revenue in your stadium and tell you when you can let other people use it."
That is it ... no more money left to tax..
Dulles area was the spot. Dough was in place. Bad decision...should have been N. Va.
Hell, no. My taxes are too high as it is (the government, with its fat surplus after raising taxes based on a phony "budget crisis", owes me a refund).
Fortunately, the corporate-welfare scheme that would have provided the money expires at the end of the year (and the General Assembly won't be in session to keep it alive).
Regardless of her motivations, my only disappointment is that they are only requiring half of the funding to come from private sources. What are they doing use tax money to build a facility for a private business in the first place?
I don't know, one of the few privately funded baseball stadiums is located in San Francisco, hardly a conservative town. Perhaps liberals are simply more offended when money isn't spent on one of their pet projects? In any event, it would seem conservatives are miserable failures on this issue. The very idea that a bunch of millionares need Joe Taxpayer to subsidize their stadium should be repulsive to anyone who dares call himself conservative.
If they don't want them, send them on down to North Carolina.
We'll put the stadium in Greensboro, and pull fans from Greenville, NC to Greenville, SC.
I ahve never understood the need for a new Stadium, when JFK is just sitting there doing nothing. What would it cost to put in a few sky boxes and rebuild the Locker Rooms?
Have the Washington Nationals play without a stadium. They would just always be the visiting team.
What a load of crap. There are more rich people per square mile in Washington than any other city in America. Why, the naming rights for this stadium alone should go for upwards of $20 million. What company would not pay dearly to have half the Congress coming to its ballpark every night? There are some pretty big companies based in the DC area now - Fannie Mae, Freddie mac, AOL, XM radio, Discovery Network, WorldCom, Black Entertainment Television, just to name a FEW. They can sell skyboxes in this stadium for millions to all the law and lobbying firms for entertaining clients. As broke as the DC government is, there is simply no excuse for it paying ANY of the cost of a new stadium.
They can play at the old West Springfield Little League Fields.
Move 'em to Mexico City. At least they'll have real fans there.
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