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Published on Tuesday, Oct 14, 2008
Goodyear, Ariz., which is trying to build a spring-training stadium for the Cleveland Indians and Cincinnati Reds, is facing millions of dollars in unexpected costs because developers are wrestling with financial and legal woes.
Extra expenses could include $3.6 million to complete the art, retail and plaza space at the ballpark, plus $2.5 million a year for municipal services in the Sonoran Valley, a 67-square-mile area the city annexed last year.
The city also must cope with Arizona's revenue shortfall and the U.S. economic crisis.
Goodyear could lose up to $350,000 in interest from its general fund after investment bank Lehman Brothers filed for Chapter 11 bankruptcy protection. The city keeps money in an Arizona investment pool, slightly more than 1 percent of which was invested in Lehman bonds.
Goodyear annexed the Sonoran Valley in 2007 in a partnership with Scottsdale's Montage Holdings.
The company will develop Amaranth, a community that originally called for 42,000 homes and 20 million square feet of commercial space. But Montage recently announced it will delay construction for at least a year.
In the meantime, the company owes Goodyear nearly $1 million for services provided in the Sonoran Valley last fiscal year.
Meanwhile, Goodyear's stadium retail development is in limbo.
A family sold a portion of its land to Goodyear for the ballpark and was supposed to develop the site, but the family's companies filed for Chapter 11 protection.
ROYALS HIRE COACHES — Former Toronto Blue Jays manager John Gibbons returned to the majors Monday when he was hired by the Kansas City Royals to be their bench coach.
The Royals also hired Kevin Seitzer, who was an All-Star third baseman with Kansas City and is still popular in the area, as hitting coach. He was fired last July as Arizona's hitting coach.
Dave Owen, the Royals' bench coach last season, will become third-base coach. Seitzer replaces fired Mike Barnett.
— Associated Press
Goodyear, Ariz., which is trying to build a spring-training stadium for the Cleveland Indians and Cincinnati Reds, is facing millions of dollars in unexpected costs because developers are wrestling with financial and legal woes.
Get the full article here.
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