The New York Post says Portland is planning to sell $36m in zero coupon bonds to pay for the soccer deal. That's double the $18m we had been hearing until now.
In a move that some civic leaders called a bit hasty, Mayor Sam Adams pushed through a deal that would raze Memorial Coliseum and replace it with the new minor league baseball park and retail shops.
The aging PGE Park would then be renovated into a soccer-only stadium. To get all this done by 2011, the financing has to be lined up by September.
Portland, like most cities these days, is strapped for money and financing a stadium for the son of a multimillionaire isn't exactly on the top of its to-do list.
A 3-2 city council vote allowed the issue to proceed but credit markets will have to thaw before the deal can be finalized.
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