Wiregrass Baseball Complex Deal In Jeopardy

By Matt Wiley

The Wiregrass Baseball Facility project in Wesley Chapel could be killed at the next Pasco County Board of County Commissioners (BOCC) meeting, as the development group hoping to construct the complex has missed its final extension to prove that it had the necessary financing to move forward.

Although retired MLB star and longtime Tampa Bay-area resident Gary Sheffield (who also is included on the 2015 Major League Baseball Hall of Fame ballot for the first time) said that he’d cough up $3 million of his own money to make sure that the proposed 19-field Wiregrass Ranch baseball complex becomes a reality, a financing package was not turned in by the end of the business day on the December 5 deadline.

Now, instead of a financial plan being considered by Pasco’s staff and financial advisers at Dunlap & Associates, Inc. and discussed on January 13, the project’s fate could be on the agenda at the next BOCC meeting, which is scheduled for Tuesday, December 16.

“I am very disappointed that they were unable to obtain the financing by today’s deadline,” said Pasco County Administrator Michele Baker in a press release on December 5. “However, we still believe very strongly in the concept. Youth sports are an important component of our Tourism Plan and the Wiregrass location is geographically well-positioned for the region. We look forward to continued dialogue with interested parties in order to bring a sports complex like this to Pasco County.”

The last time the project was brought before the BOCC, Sheffield stepped up to the plate with his own money to earn an extra inning to secure financing for the facility.

“At the end of the day, when all of this is said and done, if no one comes forward to do this deal, my $3 million is going to take care of that note,” Sheffield told the Pasco County Board of County Commissioners (BOCC) on November 18. “Before I let this deal die, I have to step up and do something. I know the county wants (the complex), the state of Florida wants it and AAU Baseball all over the country wants it.”

At the Nov. 18 meeting, the BOCC discussed the recommendations from county staff and the county’s financial advisers about the financing plan that Sheffield and his partner James Talton submitted in October for the complex. Pasco Sports had to prove that it had secured $23 million in order for the county to release $11 million in tourism tax dollars and bond revenue it committed to pay for the $34-million project’s infrastructure. The $3 million Sheffield referenced would pay for the design and some of the construction of the project.

Although Pasco Sports made its October deadline (which already was extended by 90 days) to submit necessary proof of financing for the baseball facility, commissioners granted another extension to December 5, so the company could find more concrete financing. Ironing down investors has been a difficult task, Sheffield said, since Pasco Sports doesn’t own the 200 acres of land (donated by the Porter family, which owns the Wiregrass Ranch Development of Regional Impact) or really have anything to offer investors in exchange for their funding

After reviewing the plan, Dunlap & Associates raised concerns about the source of Pasco Sports’ funding. The financing plan consists of a $3-million loan from Hallmark Mergers & Acquisitions, LLC, as well as a commitment from the Florida EB-5 Regional Center, LLC, to help raise the remaining $20 million as a “Foreign Investment Project.” Dunlap & Associates said that, while the Florida EB-5 Regional Center had agreed to help raise funds for the project from those “foreign investors,” the commitment itself doesn’t “count” as “available funds.”

But, Pasco administrator Michele Baker said that after speaking with some interested investors who have come forward since the plan was submitted, she didn’t mind allowing a little extra time.

“(County staff has) been having conversations with brokers and financiers who are interested in being involved in the project,” Baker said.

District 5 Pasco commissioner Jack Mariano voiced concerns about the plan submitted in October. 

“This (plan) looks like it was just thrown together to put in front of us to move (the project) forward,” Comm. Mariano said. BOCC chair and District 1 Comm. Ted Schrader supported the final extension.

“I’m comfortable with giving them a little extra time to get the necessary documents to make our financial advisors comfortable, the county attorney’s office comfortable and the county administrator comfortable,” Comm. Schrader said. 

Newly elected District 2 Comm. Mike Moore, who was sworn in earlier in the day, also supported the extension.

“This (project) is in my district, so I’m excited about it, but, if we’re going to move forward, we’ve got to have some assurances that the financing is there,” Comm. Moore said. “There’s got to be some available cash. You have to have some skin in the game.”