The Project

When the first shovel dug into the earth on August 12, 2009, it did more than break the ground.  It started the clock ticking toward the April, 2011, opening of the new Sarpy County/Royals ballpark.  It buried the past and opened the way to the future for not only the county and its citizens, but also to the entire metropolitan community.

Royals President Alan Stein, left, and Sarpy County Board

Chairwoman Joni Jones at the August 12 Groundbreaking. 

Photo by Brad Williams

"This is the merging of two dreams into one reality," Sarpy County Board Chairwoman Joni Jones said in her remarks to the over 400 people who attended.

The event included dignitaries, such as Gov. Dave Heineman, Jones, Royals President Alan Stein, Papillion Mayor David Black and Pacific Coast League President Branch Rickey.  It was also notable for the luminaries who came, eager to become a part of this new project.  Baseball Hall of Fame pitcher Bob Gibson, a resident of Sarpy County for over 40 years, and Hall of Fame infielder George Brett were there, as was Royals part-owner Warren Buffett.

It was Buffett who put an exclamation point to the project when he proclaimed:  "It will work.  I guarantee it."

Financing the Project

The financing sources for the Sarpy County stadium project are varied. 

About one-third of the total cost will come from the Omaha Royals through cash contributions and annual rent payments.  The Royals have committed to a 25-year lease on the facility. 

The remainder will be made up through naming rights, lodging tax and keno revenues, along with sales tax, property tax from within the district and  other county sources. 

The stadium project will cost an estimated $26 million, with about $20 million for the construction of the stadium and about $6 million for the infrastructure.   

In September, Sarpy County issued over $18 million in bonds.  When interest rates were lower than anticipated, it meant a savings of over  $1.5 million over the life of the bonds.  The county issued bonds for $18,985,000 for the park that will become the home of the Triple A Pacific Coast League baseball team. About $5 million worth of additional bonds are expected to be issued once the final costs of the project are better known.

Brian Hanson, Fiscal Administrator for Sarpy County, said that interest rates on the bonds ranged from 3.36 percent to 6.37 percent, all better than anticipated. The average net borrowing cost for these bonds is less than 4.5 percent over 25 years.

Sarpy County holds an Aa2 rating from Moody's Investors Service.

The ballpark has a total project cost of $26 million.