Why LaGrave Field matters: It’s about the Trinity River Vision

By MITCHELL SCHNURMAN

mschnurman@star-telegram.com

Carl Bell’s plans for the Trinity River are all but dead. The question now is how to keep the bigger vision on track.

Bell has lost millions on a redevelopment project that includes the Fort Worth Cats and LaGrave Field, just north of downtown. Last week, the team confirmed that Bell has been trying to sell the franchise and surrounding land for months.

I’m told that the lender, Amegy Bank of Texas, has moved Bell’s loan to its workout division, an indication that it may take control of the assets and try to unload them soon.

This is a scary prospect for the backers of the Trinity River Vision, which aims to reroute a river and create an urban island about the size of the central business district.

The threat is that Bell’s 58 acres could eventually be auctioned in bits and pieces, rather than to a single owner. LaGrave Field, opened just seven years ago, could be abandoned or bulldozed in favor of housing and office space.

Some local leaders are trying to cobble together a plan to get Bell’s land into friendly hands and keep the team intact. At the same time, investment vultures are hovering about, looking for bargains.

Bell hasn’t talked publicly about his circumstances, and he didn’t return my phone call Tuesday. Others agreed to talk on background and explain why the LaGrave project matters so much.

A mishmash of investor-owners would complicate the construction of canals, utilities and infrastructure for the Trinity River Vision. And it would probably dash hopes for rolling out a large mixed-use development as a major catalyst on the river’s north side, which is what Bell proposed in 2007.

The worst-case scenario? Buyers who are content to sit on the land for a decade, waiting until values recover and commercial loans are flowing freely again.

This is more than a case of simply wanting development to occur; the Trinity River Vision project depends on it.

Its finance plan hinges on construction creating higher property taxes in the area, with that money being used for land acquisition and other expenses. Much of the local contribution to the Trinity River Vision is slated to come from this source, known as a tax-increment financing district.

The Trinity River Vision Authority, which oversees the project, is anticipating that the recession will stunt development in the area. Its revised finance plan assumes no growth for three to five years, and to keep the project moving, it has arranged for a loan from the Tarrant Regional Water District.

Baseball fans are most concerned about the fate of the Cats, and the team has a pressing deadline to secure commitments for next season. But in the big financial picture, the team is insignificant, and LaGrave Field is more of an albatross than an asset.

The stadium sits on about 8 acres, and will eventually require a parking garage as development fills in. Some prospective developers want the land to be used for housing and offices, and they don’t want to pay anything for the stadium.

If a separate buyer emerges for the Cats, don’t expect him or her to pony up millions for the facility, either. Minor-league parks are almost always owned by a city or public sports authority, and Bell has been seeking city help for a couple of years.

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