WSR Gridiron Report

The total project is 300 million and they will announce Wednesday a 11 AM but it has been approved s the bonding was requested by the ABOR.

JIm

I assumr that will be ccovered at the PC Wednesday, but the Cardinals do not own UoP rgw sports Authority established by the County when the taxpayers paid for it does so thedy can work it out. Also Chase Field may be available but they do not break ground until after this season. The reason I know for sire this going down is ASU Scount fansare on toit and I verified the bond offering by JP Morgan for the ABOR and ASU. Emails go out to Sun Devil Cllub member which means I will not get one. I believe also htat Arizona has a special revenue district device going or will have when the shops are built where Sancet was.

Jim

They may not need to play elsewhere as sources indicate that the project may be done in phases over five years. But nothing definite has been announced yet, but will be soon.

This is what TCU has been doing for the last few years in their stadium renovation.

Recruits and parents of recruits are being shown the plans though, which sound ambitious, including some kind of covering, netting, what have you, that would mitigate the stifling heat in the early season day games. It would have the feel somewhat of a dome, but still be open air.

City leadership has nothing to do with this issue. Thisis a state funding issue where our state universities can use alternayive funding tchniques to fund capital needs out of projected revenue streams. Neither Phoenix nor Tempe isinvolved in this, This is merely the ABOR finding ways to allow the schools to get around a tight State budget and bujild things without legislative approval which will never happen. We were able to fund the NEZ once we had some booster donations of less than half the amount and additional TV revenues from our conference to pay off the debt incurred. ASU is just doing the same thing. If ASU does not do something to SDS by 2017 they will not be able to use it as it has major structural damage. This project will allow them to do what needs to be done over the next several years and use tax district funds and TV revenues to pay for it. Arizonais doing hte smae thing with NEZ and the eventual improvementd on McKale without using direct tax dollars. These projects will work aslong as donors donate and revenues cover the expenditures, but none of this has anything to do with cities involved.

Jim

I have no idea how much they havein donations but would think they could easily get several million in the next four years. The revenues from the special disrict over the nex several years should be substantial and the TV revenues sould easily copver 60 ,million over the four years. Jp Morgan is underwriting revenue bonds of 219.6 million which they hope to be able to sell. I know the City of Glendale and Couyote prospective buyers ttried to raise 100 million in bond money but the Coyotes lose money and the arena and shopping center at Westgate is a losing proposition whereas ASU sports generates a profit in recent years and with increasing TV revenues will continue. ASU does not have much choice do this or else close down the stadium in 2017 and rent from Chase or UOP which would be expensive.

This matter is important not just for our hated rival ASU but for Arizona as we still need to deal with McKale and our other facilities and special funding from donations and special tax fdistricts only go so far so bond debt paid back from revenues generated from sucessful sports event may be the best way to go. This is one case where the schools need to stick together to move forward in the PaC 12.

Make no mistake no one dislikes aSU more than me but there continuing ability to stay in business is in our best interest.

Jim

It is my gut feeling that this AssWho stadium project will turn into a "Big Dig" like boondoggle.

At Steve Patterson's press conference announcing his ascension to "ASU Vice President for Athletics" he stated that he does not subscribe to the notion that ASU sports wallow in a saturated market.

Plans to lower the capacity of the stadium (in some estimates to as low as 55K) do not subscribe to such a vision or belief.

Here's an Arizona Republic report on today's developments with artist drawings:
http://www.azcentral.com/sports/asu/articles/2012/04/04/20120404asu-unveils-proposed-renovation-sun-devil-stadium.html

Upvote

My thought on the asu renovation is only asu would spend 300million dollars to make less money in football. They are losing seats with the renovations. U of A is twinning seats which means more revenue. Congrats Arizona State Community College.