Recent Developments in the Stadium Project

Since we last met, I’m pleased to report that the sale of the ballpark bonds went quite well. We achieved Triple-A ratings through the purchase of bond insurance, which was attainable only because the underlying ratings on the bonds were found to be of investment grade quality by all three rating agencies.

We received more than $535 million in bond proceeds for baseball spending. This money to build the new ballpark is in the bank, and it is earning interest. Further, the Sports Commission has broken ground for the new stadium. The shovels are in the ground, and the landscape of the area is changing.

As construction proceeds, costs of specific line items within the construction budget have and will continue to fluctuate, reflecting the actual experience of each stage of the stadium project. We will continue to track the budget and spending throughout the project.