From Deseret News archives:
Name game at stadium
Promised donations for naming rights are late
The developers of Parkway Crossing — which in 2003 pledged $1.7 million for the naming rights of of the stadium — are almost six months late in making the first of 10 annual donations.
So while UVSC chiefs say they believe the developers will make good on their money pledge, the stadium's signs, at least for now, will not carry the Parkway Crossing name.
A telephone message to Craig Pickering, one of the developers, was not returned Monday night. Another developer, Heath Johnston, said that he hasn't been involved in Parkway for more than a year.
A payment is due each November for 10 years and is roughly one year ahead of the repayment schedule of a construction bond Utah County government had issued for the college, Hall said.
The college is responsible for the bond — which paid the stadium's construction — and the donations from the developers were to help ease the burden of the repayments.
The total principal and interest on the county-issued bond is approximately $6 million, said Derek Hall, UVSC spokesman.
The college's first bond repayment is due in November 2005 — a year from the date when the Parkway Crossing developers should have given UVSC the first donation installment, Hall said.
UVSC hasn't received any money from the developers, Hall said.
"We've talked to them. They have issues with their business operation," Hall said. "(It's a) cash flow issues for them."
"From our perspective we still have a valid agreement," Hall said. "All of our communication with them (is that they) will honor that agreement."
Other people and businesses have inquired about the stadium's naming rights, but UVSC will not entertain any offers unless the agreement with Parkway Crossing is canceled, Hall said.
UVSC has struggled to find a major donor for the stadium — and realize the money pledges.
In 1999 Utah Valley businessman Gary Brinton was the first to offer big-time cash to snag the naming rights. But Brinton and the school parted ways when they could not come to terms about the scope of the project.
Construction was finished on the 2,500-seat stadium in November, UVSC Athletic Director Mike Jacobsen said, and the UVSC baseball team is already using the field. The Orem Owlz, a minor league baseball team, will also use it this summer for the first time since the team changed its name from the Provo Angels.
The Orem Owlz pay UVSC to use the stadium during the summer and was not directly involved in construction, although it did throw in money for upgrades on items such as the seats and the scoreboard.
E-mail: lhancock@desnews.com
