joecrede
04-01-2003, 05:10 PM
From Today's Crain's Chicago Business
At a minimum, he said, the renovation will include a revamping of the much-maligned upper deck, as well as the addition of a "home run porch" in right field and a "Fun-damentals Deck" area that will feature amusements for children.
Mr. Blakemore said the construction plans hadn't been finalized.
Of course, construction companies that sign up for the work won't agree to be paid over 20 years. In order to turn U.S. Cellular's promised $3.4 million in annual payments into current-day dollars, ISFA will issue bonds that Mr. Blakemore said he hopes will net $38 million to $40 million.
He said the bond issue would be structured in a manner that puts the team, not the taxpayers, on the hook should the No. 8 wireless company fall victim to the same fate that befell other stadium namesakes, such as Houston-based Enron Corp. and Elk Grove Township-based UAL Corp., both of which are now bankrupt.
"This is a public venue, renovated at no cost, and at very little risk to taxpayers," Mr. Blakemore said.
Renovated upper deck and Home Run porch look like done deals. Switching to green seats would be final thing on my wish list.
At a minimum, he said, the renovation will include a revamping of the much-maligned upper deck, as well as the addition of a "home run porch" in right field and a "Fun-damentals Deck" area that will feature amusements for children.
Mr. Blakemore said the construction plans hadn't been finalized.
Of course, construction companies that sign up for the work won't agree to be paid over 20 years. In order to turn U.S. Cellular's promised $3.4 million in annual payments into current-day dollars, ISFA will issue bonds that Mr. Blakemore said he hopes will net $38 million to $40 million.
He said the bond issue would be structured in a manner that puts the team, not the taxpayers, on the hook should the No. 8 wireless company fall victim to the same fate that befell other stadium namesakes, such as Houston-based Enron Corp. and Elk Grove Township-based UAL Corp., both of which are now bankrupt.
"This is a public venue, renovated at no cost, and at very little risk to taxpayers," Mr. Blakemore said.
Renovated upper deck and Home Run porch look like done deals. Switching to green seats would be final thing on my wish list.