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January 15, 2006
Devils commit $100m for arena
The New Jersey Devils have finally coughed up that $100 million line of credit that the state was threatening to stop construction on their new Newark arena without. The project is expected to exceed its $310 million, but not to worry: The Devils have "reiterated our pledge to cover any overruns," says team owner Jeffrey Vanderbeek. And if Vanderbeek's word weren't good enough, then you'd see the state demanding he back it up with a line of credit... er, wait a minute...
Other cities facing arena contruction cost overruns: Louisville and Kansas City. Or maybe not Kansas City. Maybe those are just unanticipated capital costs.
Nashville is about to slap another tar baby: "The Nashville Sounds' proposal to build a $43 million minor league baseball stadium on the banks of the Cumberland River downtown is now a step closer to reality.
The plan passed Tuesday evening in the Metro Council 21-12 on the second of three required votes for approval, though not without contention." cont'd at: http://www.nashvillecitypaper.com/index.cfm?section=9&screen=news&news_id=47228
Posted by Danny Newton on January 18, 2006 02:22 AM