The Boston Red Sox made a threat to leave its spring home in Lee County, Florida. The county responded, selling $81.2 million of bonds to keep the Red Sox in town.
The deal will allow the county to build a new training complex in Fort Myers for the team.
Bloomberg has the story:
Florida’s Lee County sold $81.2 million of bonds to keep an attraction that generates $21 million a year in tourism: the Boston Red Sox.
The debt sold yesterday will finance a new stadium for the club in Fort Myers, 120 miles (194 kilometers) south of Tampa on the west coast of Florida. The securities are backed by a tax on overnight lodging and by lease payments from the Red Sox and the Minnesota Twins, which train at another stadium in the county.