
Quote from Tom Foolery on Jul. 28, 2004 at 10:12 AM


Quote from jamiecarroll on Jul. 27, 2004 at 11:32 PM

As a baseball fan, I LOVE the idea of a new ballpark downtown. As a taxpayer, I'm not so sure about the deal the Sounds are offering. Either way, I'm glad to see so much focus on revitalizing our downtown.
Have you heard many details about the deal? I've heard the guy from the Sounds on Sports Night several times. He always talks as if the taxpayers won't have to pay for it. I'm sure part of that is spin, but he makes it sound like a pretty good deal.
I'm also fairly certain that it's not just a stadium. At one point, there was talk of adding a residential component as well. Does anyone know anything about that?
The city will have to issue bonds to pay for the stadium. The Sounds would theoretically pay back every dime to the city over a period of years, as the operating revenue from the park rolls in. The concern is: as it stands now, if the operating revenue from the park does not meet the projected level, the Sounds are under no obligation to pull cash from other sources to pay back the city. So the bottom line is: if the park is successful, everybody wins; if the park is a flop, the city loses, but the Sounds don't.
By the way, yes, some residential and retail are also part of the deal. The Sounds GM is a Chicago native and a Cubs fan, and wants to create a neighborhood around the park like Wrigleyville.
(Edited by jamiecarroll at 10:36 am on Jul. 28, 2004)
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