[bluecoconuts]

That's the term sheet that was turned in prior to the meeting in August. Not sure who said it but the term sheet that was just turned in for the fall meeting was for downtown.

They moved the location of the stadium to what the Chargers want? How did I miss that?

[Elvis]

My bad, should've noticed that was from August...

[Hacksaw]

That's the term sheet that was turned in prior to the meeting in August. Not sure who said it but the term sheet that was just turned in for the fall meeting was for downtown.

They moved the location of the stadium to what the Chargers want? How did I miss that?

The Convadium.

http://www.boltsfromtheblue.com/2015/10 ... argers-nfl

[The Ripper]

Didnt Dick84 say downtown aint gonna happen? Is Spanos negotiating in good faith if he wants a site that he knows cannot happen? From what I remember from visiting SD one time, there isnt much real estate available there without major infrastructure changes

Good faith efforts ended on January 1, 2008 for the Chargers.

[Hacksaw]

The take in StL is that the bonds will get sold regardless of the threat by some members of the BoA refusal to pay them. Or the senators vowing to sue of filibuster.
Who will buy those bonds under those circumstances with a potential downgrade of their credit rating in the wind and no team support. I just don't get it unless it's blind optimism.

[Elvis]

http://www.bizjournals.com/stlouis/news ... sheet.html

Stadium authority denies request for term sheet details

Jacob Kirn

The St. Louis Regional Convention and Sports Complex Authority (RSA) on Thursday denied the Business Journal’s request for a copy of the stadium term sheet it’s submitted to the National Football League.

The sheet likely outlines how construction of the $1 billion stadium would be funded, and how the city of St. Louis and state of Missouri, which would own the stadium through the RSA, plan to share revenue with an NFL team playing there.

RSA attorney Kevin Fleming, of Blitz, Bardgett & Deutsch LC, wrote in a letter to the Business Journal that the term sheet “was a confidential initial draft expression of intent submitted as part of ongoing negotiations and not a binding agreement signed by the Authority.” He said Missouri Sunshine Law therefore dictates that the record is closed.

Fleming said in an email that once the RSA enters a definitive agreement with the league, he expects the record to be open.
A spokeswoman for St. Louis Mayor Francis Slay has said that the term sheet is broad and not binding.

Saint Louis University professor John Ammann, who has filed a lawsuit against the RSA over its refusal to release other records related to the stadium, said the move was “totally predictable.” A hearing in that case, brought by plaintiff Jeanette Mott Oxford, is scheduled for Thursday.

“It’s disappointing that there’s a total lack of respect for the taxpayers,” Ammann said.

Stadium proponents, including Slay, still must secure a vote authorizing city funds at the Board of Aldermen. Aldermen have not seen a final financing proposal.

That process has moved slower than expected. City officials had hoped to file a bill with the board by mid-September. NFL Commissioner Roger Goodell told reporters earlier this month that delays on financing commitments for the St. Louis project were a concern. Alderman Antonio French is threatening a filibuster of stadium funding unless St. Louis Mayor Francis Slay develops with him and other leaders a “comprehensive” plan to reduce crime. Stadium task force co-leader Dave Peacock has said a no vote at the board could kill the project.

City and stadium leaders have contradicted one another lately.

St. Louis Comptroller Darlene Green said last week that the latest financing plan would put the city on the hook for $12 million annual payments — up from the current $6 million — through 2051. Hours later, Peacock said Green was considering an outdated plan that is no longer on the table.

[The Ripper]

The take in StL is that the bonds will get sold regardless of the threat by some members of the BoA refusal to pay them. Or the senators vowing to sue of filibuster.
Who will buy those bonds under those circumstances with a potential downgrade of their credit rating in the wind and no team support. I just don't get it unless it's blind optimism.

They will get sold but not by a traditional underwriter. Mostly likely a mutual fund company will do the whole transaction or the entire offering could be sold to an insurance company. The downgrade would happen prior to the bonds being issued.

[Hacksaw]

I see the timing Ripper. That money will come at a higher rate I would imagine. Not only because of their rati ng/rates but because of their track record regarding planning and fulfilling their contractual responsibilities.
You know when there is a tangible asset like a football stadium being proposed, the American capitalist way will fill in a lot of blanks. I have assumed all along that something was going to happen to make their attempt to "check all their boxes" (that saying frosts me) come about. It's getting closer to a reality that would make our position that much weaker,, and at least will perpetuate this divide until a decision is announced in months to come.

[Hacksaw]

Fabiani at work again??

Vincent Bonsignore ‏@DailyNewsVinny 49m49 minutes ago

FYI: I'm told there are a couple of surprising elements relating to financing/getting over financing approval obstacles with STL term sheet


Vincent Bonsignore ‏@DailyNewsVinny 37m37 minutes ago

The surprising elements are actually positives for STL stadium efforts. So, there goes your theory.


Vincent Bonsignore ‏@DailyNewsVinny 15m15 minutes ago

BTW: Regarding surprising elements in STL term sheet, it's along the lines of ways in which financing plan will get over goal line

Also stated earlier today that the potential Raiders investor "doesn't appear to be" Magic Johnson. This investor would help move them to LA. I know some thought the investor may help them stay put in OAK. Guess we'll see.

Vincent Bonsignore ‏@DailyNewsVinny
FYI as it relates to #Raiders potential investor: I'm told if/when it happens there will be major "WOW" factor #NFL

[Rams the Legends live on]

I see the timing Ripper. That money will come at a higher rate I would imagine. Not only because of their rati ng/rates but because of their track record regarding planning and fulfilling their contractual responsibilities.
You know when there is a tangible asset like a football stadium being proposed, the American capitalist way will fill in a lot of blanks. I have assumed all along that something was going to happen to make their attempt to "check all their boxes" (that saying frosts me) come about. It's getting closer to a reality that would make our position that much weaker,, and at least will perpetuate this divide until a decision is announced in months to come.

They refinanced them in like 2008 and are presently 5.25%. Which is why I have beat around the notion maybe they would retire them and issue new ones since today's prime is lower than 2008's. However that notion was quashed when they said they would just extend them as it appears they saw problems with getting votes for new ones so extension seemed the only viable answer.

So my guess without really digging into these bonds to find out if these bonds were General Obligation or Revenue, originally sold as OID or at a premium and any other original issuance questions. My guess without doing any of the home work to finger print just what kind of muni's these are. Is most muni's are sold to institutional investors and rich or more financially affluent individuals. So in this extension case where new funds are being raised they will probably give the current holders first buy to re-buy or extend holding them to the new maturity date. So depending how they were originally issued the current holders would just buy them again as a OID (Original Issue Discount) or at a premium. Which by just extending them in theory should make them attractive because they carry a 5.25 rate compared to now's prime rate of 3.25. Which StL would more than likely have to pay a slight higher rate as I think they as a city are only rated as A+. However even with that the rate for new issues would be less than 5.25 so they should already have a built in marketplace by extending and giving first buy to current holders.