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Robert Mondavi Solaire, Cabernet 2005
Castello Monaci, Liante, Salice Salentino 2006
Ricardo Santos, Malbec 2006
Quinta da Espiga, Tinto 2006
Charles Smith, Holy Cow Merlot 2006
Charles Smith, Boom Boom Syrah 2006
Charles Smith, The Honorable Pinot Gris 2007
Santa Rita, Cabernet Reserva 2005
King Estate, Pinot Gris 2007
Gloria, Douro, Tinto 2002
Bogle, Petite Sirah Port, Clarksburg 2005
Cardwell Hill, Pinot Noir 2004
Silkwood, Red Duet Cabernet-Syrah 2004
Portuga, Vinho Branco 2006, 2007
Osborne, Solaz 2004
Santa Rita, Cabernet, Reserva 2005
Penfold's, Koonunga Hill, Shiraz Cabernet 2006
Chateau Ste. Michelle, Cabernet, Indian Wells 2004
Chateau Ste. Michelle, Merlot, Horse Heaven Hills 2004
Hannah Nicole, Red 2004
Penfold's, Koonunga Hill Shiraz Cabernet 2005
Protocolo, Red 2005
Woodbridge, Chardonnay 2006
Portuga, Vinho Branco 2006
Beaulieu, Cabernet, Rutherford 1998
Beaulieu, Cabernet, Rutherford 1996
Kirkland, Roogle Shiraz 2004
Garda, Classico Chiaretto
A to Z, Oregon Pinot Gris 2005
I Giusti & Zanza, Nemorino 2006
Treana, Marsanne-Viognier, Central Coast 2005
Fife, Syrah, "Stanford" 2000
B.R. Cohn, Silver Label Cabernet 2005
Marques de Casa Concha, Cabernet 2005
Santi, Sortesele Pinot Grigio 2006
Al Muvedre, Tinto Joven 2006
Layer Cake, Shiraz 2006
Gritti, Ca' Andrea, Umbria red 2005
Altos de Luzon, Jumilla 2004
Thomas Leithner, Zweigelt 2004
Cain Cuvee NV 3
Chateau Ste. Michelle, Merlot 2003
Meridian, Sauvignon Blanc 2005
Canoe Ridge, Merlot 2003
Paringa, Shiraz 2005
King Estate, Pinot Gris 2005
Canoe Ridge, Merlot 2003
Maculan, Pino & Toi 2005
Kris, Pinot Grigio 2006
Silvan Ridge, Pinot Gris 2006
Fife, Mendocino Syrah, "Stanford" 2000
Castle Rock, Cabernet, Paso Robles 2005
Willakenzie, Pinot Gris 2006
The Show, Cabernet 2005
Essencia Valdemar, Rioja Rose 2006
Chateau Ste. Michelle, Merlot, Horse Heaven Hills 2004
Beaulieu Vineyard. Napa Valley Cabernet 2004
Irony, Cabernet, Napa Valley 2003
Rosenblum, Petite Sirah, Heritage Clones 2005
Fra Guerau, Montsant 2002
Barefoot Chardonnay
Kana, Syrah 2004
Castell Salegg, Chardonnay, Alto Adige 2004
Fetish, The Watcher Shiraz 2004
Gold Note, Fair Play Zinfandel 2005
Chateau Ste. Michelle, Canoe Ridge Estate Cabernet 2003
Ponzi, Pinot Noir 2004
Red Diamond, Merlot 2003
Mateus, Rose
Benton Lane Pinot Noir 2004
Penya Cadiella Vins de Comtat 2003
Kamiak, Cellar Select Red 2003
Anselmi, San Vincenzo 2005
Rubrato, Aglianico dei Feudi di San Gregorio 2004
Le Grand Noir (Black Sheep) Cabernet-Shiraz
Woodbridge, Chardonnay 2005
Los Vascos, Cabernet, Reserve 2004
Jackaroo, Shiraz 2003
Paul Jaboulet Aine, Crozes Hermitage Syrah, "La Jalet," 2001
Paul Jaboulet Aine, Cotes du Rhone, "Parallele '45,'" 2003
Rolf Binder, Barossa Valley Shiraz 2003
Oyster Bay, Sauvignon Blanc 2006
Woodbridge Chardonnay 2005
Barnard & Griffin, Columbia Valley Cabernet 2004
Quinto do Carmo, Alentejano Red 2000
Forefathers, Alexander Valley Cabernet 2001
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt
Miles run year to date: 28
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Comments (24)
Still owing $28 million is "almost totally paid off".
I'm sure the entire city council now believes this and they're all experts on the topic.
There's nothign to see here. No scandal or corruption like in Alaska.
drip drip drip
Posted by Ben | September 5, 2008 7:53 AM
If you stop by the Atlanta Journal-Constitution site, you can read about the new Class AAA baseball stadium they're working on in Gwinnett County (near Atlanta).
What a surprise. The price tag just jumped up from $40 million to $59 million ... and guess who pays for the difference? Hint: It's not the team owner.
Posted by Al in SE | September 5, 2008 8:15 AM
Like the new UofO ballpark, the initial "sell it to the citizens" price tag is much lower than the projected costs now. They have only dug the hole for now and watch the price go up even more. It's like the Sam the Tram Phenomenon.
Posted by lw | September 5, 2008 8:38 AM
Those are some pretty big ellipses in that quote.
Here's what the Trib reported in March:
"Currently, the city needs a bit more than $3 million a year to make its debt payments on bonds it issued to renovate PGE Park in 2000. The city paid about $33 million of the $38.5 million in renovation costs.
Part of the money generated from a local hotel and rental car tax generates about $2 million a year for the debt payments.
And the current owner of the Beavers and Timbers now is paying about $1.1 million a year to provide the rest of the money needed for debt payments, said David Logsdon, spectator facilities manager for the city of Portland.
“We’re kind of at a break-even point at PGE Park, except for the capital improvements,” Logsdon said.
The city, which owns PGE Park, is responsible for all capital improvements — including, for instance, the recent $1 million it cost to replace the artificial turf at the stadium.
The current owner of the Beavers and Timbers, a group led by Merritt Paulson, pays an $800,000 “license fee” to use the stadium this year. The city gets another $200,000 to $300,000 per year from ticket sales at PGE Park — a fixed amount for most Beavers and Timbers games and a percentage of sales for other events."
I see that's the SCHEDULE for the pay off. Is there any reason to think that has been paid off early? Or that Paulson was referring only to THIS YEAR's payment being "paid off" from the ticket tax?
I'm in whole-hearted agreement that, by the schedule, the loan is nowhere near paid off, but the story seems too fuzzy (which might be the point).
Posted by jud | September 5, 2008 9:15 AM
I've heard the land upon which PGE park sits is actually owned by the Multnomah Athletic Club (MAC). If true, I am wondering if the city pays MAC anything like rent for PGE park land. Even if not true, I wonder what the annual maintenance costs, beyond renovation, on PGE park might be.
It is at least somewhat comforting to know there is a stream of revenue helping payoff the renovation bond. But then if there's going to be another renovation before the first renovation has been paid off, the debt gets extended and any small rate of return the city would have made on the original renovation is probably toast.
There would seem to be so many higher priority items in the city, then going into deeper hoc for the opportunity to host a relatively few major league soccer games each year. Maybe, Amanda Fritz would help cityhall steer towards other services. I am not a big Fritz fan but she does have a significantly different agenda than the borrow big and spend big current set of councilors.
Posted by Bob Clark | September 5, 2008 10:07 AM
Out of that $7M paid off to the bonds, how about some accounting for how much of that came from PGE Park operations.
I'll take bets that it is $0.
Posted by Steve | September 5, 2008 10:19 AM
Also, I tried to look up the CUSIP No. for the bonds, and came up empty. Would finding information about the bonds let one know if they have been paid off?
Posted by jud | September 5, 2008 10:59 AM
Perhaps the fact that the Tribune is a transparent shill for Portland big business is worth noting in regards to their dubious reporting on this matter.
Posted by joel dan walls | September 5, 2008 11:11 AM
CUSIP 736740
Posted by Gen. Ambrose Burnside, Ret. | September 5, 2008 12:10 PM
Ah, usually CUSIPs are 9 digits long.
Posted by Bob Clark | September 5, 2008 12:42 PM
The CUSIP numbers are on page 2 of the official statement.
Posted by Jack Bog | September 5, 2008 12:53 PM
Jack, thanks for this info.
When I heard that Merritt Paulson was looking for $35 Million to renovate the stadium, my immediate thought was, "Didn't we just spend $35 Million to do just that?"
How much revenue would have to come in from Soccer to meet the expenses of a combined $63 Million indebtedness?
Posted by Mike Landfair | September 5, 2008 1:48 PM
"How much revenue would have to come in from Soccer to meet the expenses of a combined $63 Million indebtedness?"
For a 30-year fixed at 6.7%, the monthly payment would be $406,525 or $4.978M annually. Not exact - but close estimate.
Posted by Steve | September 5, 2008 3:41 PM
The proposed bonds that are on the table at the moment would be for $75 million. As I've written, at 6 percent the interest alone would start out at $4.5 million a year.
And that's not taking into account the fact that the Beavers may bomb out in Lents, meaning less revenue to pay off the old bonds, where the payment is currently in excess of $1 million of principal a year, not including interest at up to 7% on $28.5 million (that's in the neighborhood of another $1.8 million a year), and with a couple of huge balloon payments due at the end.
There is no way this is going to pencil out. It's going to have to be paid for with taxes, plain and simple -- just the way it is now. And if property taxes aren't made liable for the bonds, they probably won't sell.
Posted by Jack Bog | September 5, 2008 3:48 PM
Yes, it pencils out when the Council falls back on that old
stand-by, the taxpayers, to bail them out of their silly over budget projects.
Posted by Mike (the first one) | September 5, 2008 4:42 PM
I wish there were a news organization in this town that would have the common sense to demand to see spreadsheets with the projected cash flows. And the cash flows on the existing bonds. But given that the MSM outlets have slashed their budgets and have no one around who knows anything any more, they just keep repeating whatever guys like Paulson tell them.
Posted by Jack Bog | September 5, 2008 6:58 PM
"Didn't we just spend $35 Million to do just that?"
According to published reports, we spent $42 million to renovate Civic Stadium into PGE Park. And many of us who looked at the before and after versions of that facility didn't really see $42 million worth of improvement -- or even $32 million.
Posted by Jack Bog | September 5, 2008 7:30 PM
"didn't really see $42 million worth of improvement "
It only took about 7 years for the chorus to start shouting that PGE Park is good for nothing, so we got some life out of it. BTW, I hear the view from Vera's luxury box is something.
Posted by Steve | September 6, 2008 8:44 AM
Maybe Hank Jr. could ask the Feds to bail out the old PGE bonds before we issue any new ones.
Posted by Mister Tee | September 6, 2008 9:26 AM
Vera's luxury box
Hey I thought this was a family blog.
Posted by Allan L. | September 6, 2008 8:12 PM
It was until you wrote that.
Posted by Jack Bog | September 7, 2008 12:16 AM
Maybe Hank Jr. could ask the Feds to bail out the old PGE bonds
Actually, his dad is Hank Jr. The baseball guy is Hank III.
Posted by Jack Bog | September 9, 2008 4:12 AM
Part of the money generated from a local hotel and rental car tax generates about $2 million a year for the debt payments.
The legality of using the car rental tax for this purpose has recently been called into question.
Posted by Jack Bog | September 9, 2008 4:19 AM
Wouldn't that make his dad Henry Merritt Paulson II?
Maybe they could just have Fannie Mae sell another $75 million worth of preferred stock, and then declare it worthless?
It worked before.
Posted by Mister Tee | September 11, 2008 6:40 PM