The Chronicle’s John Shea confirmed something I had heard about the reasoning for the Giants’ AT&T Park debt refinancing.
The Giants’ plan to pay off their stadium debt by 2017? No longer in the works, we hear. There have been steps to refinance the $170 million loan to help fund their proposed development on parking lot A across from McCovey Cove. There was a time the Giants said they had to limit their payroll because of the $20 million annual mortgage.
Remember how, in 2009, SF City Attorney Dennis Herrera threatened to sue baseball over the perceived financial threat posed to the City if the A’s were granted territorial rights to the South Bay? Well, I’m glad for everyone’s sake that the Giants feel it’s safe enough to take on even greater debt to grow their empire. I was so worried for a while there.
Meanwhile, a group of East Bay mayors including Oakland’s Jean Quan and Berkeley’s Tom Bates are trying to upend legislation introduced by SF assemblyman Phil Ting that would help smooth (or bypass) some of the environmental review and approval process for the Warriors’ arena. It’s not strange that they would pursue this route, since it is local politics at work. The irony is that whatever new law helps the W’s arena could provide a blueprint and pave the way for an A’s ballpark at Howard Terminal, which makes sense because both are on waterfront sites and face the same restrictions.
Of course, if Howard Terminal never gets past the talking points stage no one ever has to find out how expensive it’ll be to build there.