Minute Maid Park Financing Architect: HOK Sport (Kansas City) Construction: Brown & Root, a business unit of Halliburton Company (Houston), Barton Malow (Southfield, MI) and Empire Construction Owner: Harris County-Houston Sports Authority Cost: $250 million Public financing: $180 million, or 68 percent, from a 2 percent hotel tax and a 5 percent rental-car tax Private financing: $52 million, or 20 percent, from Astros owners; $33 million, or 12 percent, from no-interest loan Lease: 30 years (2000-2029); $7.1 million annually ($4.6 million rent; $2.5 million to capital improvements fund)
Minute Maid Park Constructed in 2000 Almost 6 Million in attendance in past 2 years Average of $28.00 a ticket brings net profit of 168 Million in only two years from ticket sales
Toyota Center Arena is home of Houston Rockets and many other events Average over $50.00 a ticket just for Rockets games
Reliant Stadium Cost $500 million Reliant Paid $300 million over 32 years for name rights Average game generates over $4 million in ticket sales alone
Economic Development Redevelopment of empty space and abandoned buildings New restaurants and entertainment to complement sports arenas Creates Culture Based Economy
Sources http://www.ballparks.com/baseball/national/bpkaus.htm http://www.downtowndistrict.org/DowntownDistrict/AboutDowntown/RedevelopmentProcess/ http://houston.astros.mlb.com/NASApp/mlb/hou/ballpark/hou_ballpark_history.jsp Website of the Houston Astros http://www.houstonhistory.com/sitemap/history4b.htm Historic Houston Robert Fisher, Urban Studies, Urban Policy in Houston, Texas http://www.cityofhouston.gov/ City of Houston Website http://www.houstonmidtown.com Midtown Redevelopment Authority
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