A study to determine the feasibility of an affiliated short-season or independent team in Phoenixville (Pa.) as part of a larger development of the former Phoenix Steel Co. site will begin shortly.
The review, which will be conducted by the Chester County Economic Development Council (CCEDC), will be used by the Phoenixville Baseball Committee to help determine the viability of the project.
Included in the review will be:
- Detailed analysis of comparable minor league baseball stadiums based on existing financial data to be provided in part by the Phoenixville Baseball Committee.
- Review of local area demographic information as a means to adjust the comparable financial data to the local Phoenixville MSA
- Prepare and stress test detailed pro forma financial statements (balance sheets, income statements and statements of cash flows) based on the comparable and demographic analysis
- Analyze construction cost estimates and construction timeline schedules (as provided by Phoenixville Baseball Committee)
- Incorporate the financial pro formas and construction details to determine the debt service capabilities of the proposed baseball stadium
- Research the availability of potential public funding and foundation grants
- Develop a capital stack scenario that incorporates the above analysis with the potential availability of public funds and borrower equity
The review is expected to be completed by December 2012.
The committee is comprised of Joe Altomonte, Dave Chawaga, Connor Cummins, Manny DeMutis, Adam Deveney, Dave Gautreau, Fred Hubler, Kevin Johnson, Richard Kardon, Ron Knabb, Jim Kovaleski, Dick Kunsch, Julian McCracken, Dave Moskowitz, Marian Moskowitz, Kevin Negandhi, Jim Northcott, Crysta Peers, Jim Redding, Steve Welch. Barry Cassidy will serve as staff for the committee.
It’s not a new idea: we covered it a year ago when a steering committee of 20 Phoenixville and Chester County residents formed to look at various locations and funding options, as well as what kind of baseball to go after, for a new ballpark. Realistically, we’re talking either an independent Atlantic League team or a short-season NY-Penn team, given the size of the market and the location of the ballpark. And, given the record of the Phillies being involved in farm teams in the area, we’d expect some sort of reaching out from this committee to the team.
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