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We should follow Cardinals plans for a new stadium


dolfinfan305
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Thanks to the official marlins board for alerting me to this

 

Cardinals finalize financing for new ballpark

Fans invited to participate in groundbreaking ceremony

 

ST. LOUIS -- The St. Louis Cardinals announced today that they have the necessary funding in place to build a new ballpark in downtown St. Louis. Work on the site will begin in earnest today. The new ballpark will open in April 2006.

Unlike most other publicly financed and publicly owned professional sports facilities developed in the U.S. during the past 20 years, the new home of the Cardinals will be owned by the team and privately financed using a combination of private bonds -- which the Cardinals are required to repay, bank loans, cash from Cardinal owners and a long-term loan from St. Louis County. Banc of America Securities acted as financial advisor to the Cardinals and placed the private bonds. Ambac Assurance Corporation provided an AAA/Aaa financial guaranty policy for the private bonds.

 

CARDINALS BALLPARK FINANCING

 

SOURCE OF FUNDS ($MM) USE OF FUNDS ($MM)

Private Bonds* $200.5 Construction Fund $324.0

Cardinals $90.1 Reserve Accounts and Transaction Costs $20.8

County Loan $45.0

Construction Fund Interest $9.2

Ballpark Total $344.8 Ballpark Total $344.8

 

State Tax Credits $30.4 Site Improvements $30.4

MoDot $12.3 I-64 Ramp Project $12.3

Site/Infrastructure $42.7 Site/Infrastructure $42.7

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TOTAL $387.5 TOTAL $387.5

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