August 6, 2012 Update
Although negotiations are still ongoing, an agreement with Mandalay/Braves will not be voted on at the August 7 City Council meeting. Council will, however, hold a public hearing at the meeting regarding a bond referendum, not to exceed $37 million for the cost of the stadium and land in order to meet the deadline to get something on the November ballot.
If Council approves moving forward with the bond referendum, they will then act on a resolution that would provide official agreement to put the issue on the Nov. 6 ballot. Council is also expected to direct staff to continue working on land acquisition for the stadium, even as details of the final agreement with Mandalay/Braves are being negotiated.
August 3, 2012 Update
A final agreement has not yet been reached and as of August 3, negotiations are still ongoing. City Council will discuss the agreement at their August 7 meeting, but nothing has been finalized and would be subject to change if/when a deal is reached.
On Monday, August 6 following their regularly scheduled agenda briefing and a special joint meeting with the City Planning Commission, the Council will meet in closed session to discuss baseball negotiations to date. After that, an announcement will be made about the status of the negotiations.
Baseball-related items currently posted on the city's website for the August 7 City Council agenda:
Highlights of the agreement at this time:
- A public hearing for a bond referendum not to exceed $37 million for the cost of the stadium and land.
- If Council approves moving forward with the bond referendum, they will then act on a resolution that would provide official agreement to put the issue on the Nov. 6 ballot.
- Council is also scheduled to act on a Memorandum of Understanding (MOU) with the Braves/Mandalay that is contingent on Council's approval of the bond referendum.
- Participation between the city and Mandalay/Braves for the cost of construction and operation of a minor league baseball facility over the course of 20 years.
- A 5,500-seat ballpark to be located on 8.5 acres of what was formerly known as the Almont property that could also include a 1.5-acre city park.
- Ballpark construction costs would not exceed $31 million, funded by a 2.5-cent property tax increase.
- Anticipated cost of $6 million for land acquisition/remediation. This money would be paid back to the city from the Braves/Mandalay with annual rent and management fees.
- The target date for completion would be April 2014 or April 2015, depending on final design.
Visit wilmingtonnc.gov/baseball for more information.