Baseball math is intense. It's called Sabermetrics, or the specialized analysis of baseball through objective evidence. It painstakingly collects every minor tidbit of information, weighs each statistic against all known variables and computes a prediction; it even addresses margin of error.
It would be great if the City of St. Paul took this approach to analyzing it's current downtown stadium proposal.
It's designed as system of due diligence. Running the numbers, running them again, and predicting the future outlook against all known variables.
St. Paul is in the process of building a new $66 million stadium for an independent professional baseball team with a known $29 million construction shortfall.
Ballpark Construction Capital Cost Breakdown:
State of Minnesota Bonding $25,000,000 Economic Development Grant $2,000,000 Total $27,000,000 City of St. Paul Capital Improvement Budget $1,500,000 * Redirected from local infrastructure Neighborhood Funding (STAR) $1,500,000 * Redirected from local neighborhoods Public Works Budget $1,500,000 * Redirected from Public Works Riverfront TIF Fund (Redirected) $1,500,000 * Redirected from Riverfront TIF Area Sale of Previous Stadium $3,000,000 * Sale to Port Authority (PPP)
* Spending $700k to demolish old stadium Total $9,000,000 * Agreed to provide $17 million *($8 million shortfall) St. Paul Saints Organization Upfront Downpayment $1,500,000 Total $1,500,000 Total Monies Available $37,500,000 * $66.6m Total Cost with
$37.5m Avail. in 2013 = $29m shortfall
The St. Paul Saints have promised a $10 million contribution: $1.5 million will be paid upfront for stadium development, while the other $8.5 million will be paid in rent over the next 25 years; approximately $340,000 per year (or around $6,800 rent per game). The St. Paul Saints won't own the stadium, so the $6,800 per game contribution is more akin to a rent. In the financing scheme, the baseball team has the advantage as they are able to spread their contribution (and financial risk) over 25 years while accuring no debt [more here].