Baseball agreement update
Baseball agreement update
 |
|
|
At their meeting on Sept. 18, City Council will consider an agreement with the Atlanta Braves/Mandalay that outlines terms for a 20-year collaboration to build and operate a minor league baseball facility in Wilmington. At their Aug. 7 meeting, Council approved putting a $37 million bond referendum on the Nov. 6 ballot for the cost of the stadium and land.
Following are highlights of the agreement Council will consider:
- A 6,200-seat ballpark to be located on at least 7 acres of downtown riverfront property that could also include a 1.5-acre city park
- Total cost of $37 million, funded by a 2.5-cent property tax increase, which includes:
- Ballpark construction costs not to exceed $31 million
- $6 million for land acquisition/remediation
- 20-year commitment by the Braves
- Annual management fee/rent payments of $500,000 from the Braves/Mandalay for 20 years
- Target date for completion would be April 2014 or April 2015, depending on final design
- Braves/Mandalay would be responsible for ballpark’s operating expenses and in exchange would receive all revenues
- Project contingent upon:
- Passage of voter referendum
- City acquiring the site and able to build the ballpark for $31 million
- Team purchasing the minor league club in Lynchburg, Va., moving it here and being approved by Major League Baseball, Minor League Baseball and the Carolina League
- Another club, such as a university team, could use the ballpark as its home stadium if agreements can be reached
View the agreement Council will consider at their Sept. 18 meeting.
Visit wilmingtonnc.gov/baseball for the latest information.
|
Return