LaGrave Field, home of the Ft. Worth Cats, got a reprieve today.
Fort Worth Cats owner Carl Bell can hold on to LaGrave Field on the city’s near north side, where the minor league baseball team plays, and some adjacent acreage, at least for the time being.
Dick Smith, the club’s executive vice president and general manager, said attorneys for Amegy Bank in Houston informed Bell in a recent letter that it will not pursue a foreclosure sale Tuesday on the Tarrant County Courthouse steps.
Amegy had posted the property, 46.5-acres at North Seventh and Calhoun streets and along the Trinity River, for the monthly auction after Bell defaulted on $30 million in loans.
As a representative at a local financial institution, I can tell you banks aren’t in a hurry to foreclose on properties. But just because that’s the case, don’t get cocky with banks and stick your tongue out at them. Remember, they can still take your stuff.
In those meetings, Smith said bank advisers expressed to Bell that it makes more sense for the Cats to be operating than not while he continues loan negotiations.
A new agreement, Smith said, “would essentially give (Bell) time to get the sale of the property done.”
At one time, Bell planned a residential, retail and office development around LaGrave Field.
Smith said the team has been selling 2010 season’s tickets, which begins with a May 13 home opener against the Shreveport-Bossier Captains. The Cats play a 96-game schedule in the American Association league.
The team ended the 2009 season with a 53-43 record.
The club is scheduled to hold auditions March 25th for those interested in singing the National Anthem at a home game, and a two-day team try-out in April.
Bank pulls LaGrave Field out of foreclosure sale (Star Telegram)