Hillsboro officials approved $12.5 million in bonds backed by the city's general fund to build a new ballpark for the Hillsboro Hops (short season A; Northwest League).
You don't often see cities issuing ballpark bonds backed by nothing but "full faith and credit," as the term goes, rather than dedicated revenue streams like sales taxes; bonds backed by a general fund tend to carry a slightly higher interest rate, for example. Then again, Hillsboro voters have rejected the last six bonding attempts, so this was a way to pay for a ballpark without exposing the plan to more public scrutiny.
So officials in Hillsboro, a fairly affluent Portland suburb, decided to move head with the funding plan. All the elements are in place for the new team to play in a new ballpark next season.
RELATED STORIES: New for 2013: Hillsboro Hops; No team name in Hillsboro -- yet; Hillsboro looking at riskier financing for new ballpark; Hillsboro ballpark groundbreaking set for Sept. 21; Hillsboro approves offer sheet to Yakima Bears; Hillsboro set to vote on new ballpark; Milwaukie will delay decision; Milwaukie advances, Hillsboro retreats in Portland-area ballpark race; Yakima County: We'll discuss ballpark upgrades; Plan B for Bears: Work on Yakima ballpark plan; Admissions tax voted down in Clark County; Milwaukie seeks public input on new ballpark; Milwaukie moves ahead with ballpark-feasibility study; Clark County postpones ballpark hearing; County scales back commitment to Portland-area ballpark; Competing ballpark plans in Portland; New Portland-area ballpark could provide economical bump: study; Clark County reverses course; will exclusively negotiate with Bears; Clark County passes on exclusive negotiations with Bears; opposition to new ballpark rises; Funding plan emerges for new Clark County ballpark; Yakima Bears to Portland area
Share your news with the baseball community. Send it to us at email@example.com.
Are you a subscriber to the weekly Ballpark Digest newsletter? You can sign up for a free subscription at the Newsletter Signup Page.
|< Prev||Next >|