Jordan Zimmermann, Tigers reach 5-year, $110 million deal
The Detroit Tigers have reached an agreement on a five-year, $110 million contract with free-agent right-hander Jordan Zimmermann -- pending completion of a physical exam -- a source confirmed to ESPN on Sunday.
Entire article:
http://espn.go.com/mlb/story/_/id/14249237/jordan-zimmermann-detroit-tigers-reach-free-agent-deal
Three year old article:
Comerica Park owner to refinance remaining $61M public debt on $300M ballpark
The public board that owns Comerica Park plans to refinance the $61.2 million remaining in public debt on the construction of the $300 million stadium.
In 1997, about $80 million in 30-year tax-exempt bonds were issued to pay for the ballpark, with the remainder being financed by the owners of Comerica's sole tenant, the Detroit Tigers.
The six-member Detroit-Wayne County Stadium Authority, which owns the ballpark, on Tuesday issued a preliminary official statement explaining the tax-exempt bonds' financials, history and other background, as part of the refinancing.
On June 15, the board voted to proceed with the refinancing, and the subsequent period has been for due diligence.
It's not yet clear how much money the refi is expected to save, said Steven Collins, assistant corporation counsel for Wayne County and the special counsel to the authority since its inception in 1996.
About $15 million has been paid so far on the ballpark, which opened in 2000, he said. The bonds are paid off by a 2 percent rental car tax and 1 percent hotel room tax approved by Wayne County voters for the stadium in November 1996.
The interest rate on the bonds is now about now about 5.75 percent, and the goal is to refinance at roughly 3 percent, Collins said. At that original interest rate estimate, the total public debt paid was predicted to be about $120 million by 2027, he said.
Entire article:
http://www.crainsdetroit.com/articl...o-refinance-remaining-61m-public-debt-on-300m
Note: Detroit filed for bankruptcy in July 2013, listing $18 billion in liabilities.
Just sayin': If a team can afford to pay 1 player $110M (over 5 years) why can't they afford to pay $300M to build their own ballpark?
