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Article: Cities often dream up stadiums before thinking of payment.(Thomas Dorsey of AMBAC Indemnity Corp.)
- Article from:
- The Bond Buyer
- Article date:
- June 11, 1996
- Author:
CopyrightCOPYRIGHT 1996 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Most new stadium projects are planned in reverse, according to Thomas A. Dorsey, director of credit management and senior vice president in the underwriting department at AMBAC Indemnity Corp.
All too often, he said, cities start by announcing what should be the conclusion - that they will build an arena - and then work back to what should have been the beginning, how to finance it.
"The problem with most stadium transactions is that they fall into that old business about: fire, aim, ready," Dorsey said.
"What we have seen in an awful lot of cases in this country is that the urge to announce a stadium - and then figure out how to do it - is ...