Hardball Capital Contributions Released

Finally, the day I waited all weekend for – and you wouldn’t believe the weekend I had.  (Funny that, waiting for a Monday to hurry up and get here.) I was able to spend some time at the computer working on some things, but the majority was spent in bed with a head that felt like it was on the verge of exploding at any moment.  Add to that a good ol’ fashion cold and I was pretty much out of it for the weekend.   

For those who haven’t been following, in last Monday’s Redevelopment Commission meeting, Jim Irwin with Barry Real Estate made an appearance to deliver a document that had three parts.  My understanding at the time was the document contained current ballpark budget status, Hardball Capital contributions and some items that could be added to the ballpark if the project remained on budget.  

I heard Ben Lanka of the Journal Gazette ask Greg Leatherman, Redevelopment Executive Director, for the sheets and he was denied.  I did not try.  Rather, the next day I submitted a request in writing for the documents, plus some TIF projections that were given earlier in the meeting.  My request for the TIF information was granted while the Harrison Square information was denied because of it’s speculative nature.

To make a long story short, you can read the posts on this subject by clicking here. Councilwoman Karen Goldner (D-2nd) called Greg and was told the Hardball Captial contribution information would be released today.  Problem is, what I received today is only half what I anticipated receiving.  I am not sure where the problem lies.  It may go back to the original meeting and perhaps I misunderstood exactly what information was on the Jim Irwin sheet.  I will check into this and keep you updated.  To clarify, I am looking for the current ballpark budget numbers – how much spent and work completed – to verify the project is still on-track financially.  I have a full-plate tonight, so not much thought will go into a game plan or even thinking more about the subject at all.

With all that said, here is the much anticipated figures detailing the Hardball Capital contributions to the new Parkview Field.  For those of you that aren’t aware, according to the Stadium License Agreement with Hardball Capital, page 7:

1. Base License Fees. In consideration for the License to use the Stadium granted to it by the City pursuant to this Agreement, Hardball will contribute Five Million Dollars ($5,000,000) (the “Hardball Contribution”) in cash or cash and property equivalents acceptable to the City (valued at fair market value) in connection with the construction and equipping of the Stadium. Such payment may be in-kind in the form of equipment which is included in the Plans and Specifications. Any such equipment will be credited against the Hardball Contribution at fair market value. 

The information listed here was current as of today, September 22, 2008.  I am going to break the information down a bit differently than what is on the sheet.  First, let’s look at the portion of the Hardball Capital contribution that is actually under contract:  

Signage/Artwork – $803,139
Scoreboard – $1,493,500
Ballpark Seating – $481,465
Stadium Lighting – $387,000
Total: $3,165,104 

There are no contractors listed on the sheet given to me.  I know that the contractors were listed on the sheet given to the Commission as the seating contractor – Irwin Seating (no relation to Jim Irwin) – was revealed during the meeting.

Another item on the list is the concessions equipment which is noted to be executed the week of 9/22/2008 – this week.  The amount is budgeted for $1,140,000 which would bring the grand total to: $4,305,104.

The final item listed is the Furniture, Fixtures and Equipment (PF&E).  It is noted that, “this item includes the purchase of the suite level furniture, fixtures, speciality athletic equipment, ground keeping equipment, outdoor furniture, etc.  A purchasing agent has been retained and the acquisition of these items is in progress.”  These items are budgeted at $1,300,000 which, when executed, will bring the total to $5,605,104.

Somewhere, I thought I had some budget figures released last year listing the value of the above areas.  If I can find this in the next day or two, I’d like to see how the two compare.  Yes, I’ll share.

So there you have it.  The Hardball Capital contributions to Parkview Field and essentially the city of Fort Wayne.  

I felt very stongly that this information needs to be made public so that we all know that Hardball Capital is still a player in the project.  This is especially important with the worsening economic situation.  I don’t think there are, nor did I feel there would be, any surprises in the above information.  I could be wrong and it will be interesting to see what others think.

Related Documents/Links:
AFW Previous Posts on the Denial for the above information
Hardball Capital Contributions
Stadium License Agreement

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