A special event hosted by long-time Los Angeles Dodgers announcer Vin Scully marked last week’s groundbreaking for a baseball spring training facility in Glendale that will accommodate the Dodgers and, eventually, the Chicago White Sox. The Glendale Municipal Property Corp. will issue revenue bonds to finance the $80.7 million facility. The debt will be supported by annual allocations from the Arizona Sports and Tourism Authority and by sales taxes generated on site and at a planned development around the ballpark. The AZSTA pledged in December 2006 to finance two-thirds of the project in the Phoenix suburb, but it won’t be able to begin paying debt service until 2018. Glendale eventually will get more than $50 million for the training complex from the authority. The Dodgers will move into the facility from their current spring training site at Vero Beach, Fla., in 2009 if construction is completed in time, or in 2010 at the latest. The spring training complex will include a 13,000-seat stadium with 3,000 lawn seats, two major league fields and four minor league fields per team, workout fields, a large clubhouse, and parking for 5,000 vehicles. The White Sox currently train in Tucson under a 15-year contract with Pima County that expires in 2013. The team can move to Glendale before then if it pays $28 million to break the lease or finds a replacement team for Tucson Electric Park.
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While the state is most concerned about stopping the fires, credit rating agencies are monitoring the situation.
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"What the market's really trying to figure out is what that Warsh regime is going to mean," said Tom Kozlik of HilltopSecurities. "Folks are really trying to position their mindsets, position their portfolios."
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The Wall Street banks targeted in the rate-rigging lawsuit wanted the top court to overturn class certification.
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The U.S. Department of Transportation is looking for proposals that leverage public private partnerships to solve traffic bottlenecks through the use of tolled express lanes .
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"Investors typically start positioning for heavy summer redemptions in summer, so the market typically performs well enough through the first half of June and we do not believe that this year will be any different," Barclays strategists said.
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The state's expectation of a deficit in the coming biennium budget was cited in the outlook revision.
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