With the clock ticking, Maricopa County officials have opted to extend a key deadline concerning the sale of Chase Field.
The home of the Arizona Diamondbacks could be turned over to private interests. Under the terms of a proposal that was discussed this summer, Maricopa County would sell Chase Field to Stadium Real Estate Partners LLC, potentially ending a contentious dispute between the county and the Diamondbacks over maintenance to the facility. The original deadline to reach an agreement was October 31, but with an appraisal of Chase Field still in the works, the deadline has been extended to January 16.
As it stands, the sale of Chase Field is projected to be for $60 million, but that hinges on the appraisal. Meanwhile, the Diamondbacks have to sign off on a potential sale of the facility. According to Maricopa County officials, the extension provides more time to come to terms with not only Chase Field’s buyer, but also with the Diamondbacks. More from AZ Central:
“The talks are still ongoing with the possible buyer and the Diamondbacks,” said Board Chairman Clint Hickman, who described his view of the negotiations as “optimistic.” The board agreed by a unanimous vote Mondayto delay the deadline “to afford both of those groups more time to discuss, negotiate and do whatever else they need to get this deal done.”
Officials hope to strike a three-way deal between the county that owns the stadium, the team that plays there and out-of-state investors who want to develop the site. County officials want to avoid mounting repair costs they believe taxpayers cannot or should not be required to pay. The team argues $187 million in repairs are needed. A major point of negotiation will be how much of that the buyer group will promise to cover.
The appraisal of Chase Field is being conducted by CBRE. An appraisal from 2010 estimated Chase Field to be worth around $45 million, but officials have stated that they anticipate that an improving economy in downtown Phoenix could lead to a higher value.
RELATED: 2010 Appraisal: Chase Field Worth $45 Million; Will D-Backs Exercise Veto Over Chase Field Sale?; Maricopa County Debates Sale of Chase Field to Investors; Drama in the Desert; Diamondbacks: Improve Chase Field or We Will Leave