At their September 23 regular session meeting, Fredericksburg City Council will again take-up the issue of building a baseball stadium complex.
In memo exhibit 17A on the council agenda, Councilman Matt Kelly is recommending that “[city] staff be directed to continue discussions with all the parties now involved to address the council’s concerns and return a proposal for a vote at its first meeting in October.”
Kelly said Diamond Nation has reconsidered the additional cost of building the stadium complex, reducing it from $18 million to $14 million. It has been proposed this additional outlay could be financed with the sale of bonds by the City of Fredericksburg Economic Development Authority (EDA). The EDA would own the Diamond Nation training facility portion of the project as collateral. “Diamond Nation would lease the facility from EDA for an amount equal to the debt service payment on the bonds,” Kelly said.
Since City Council’s September 9 meeting, discussion of the project has “commenced between the city, Diamond Nation, and a financial institution,” Kelly said. The goal, Kelly said, is to:
Minimize the city’s financial exposure.
Come up with a financing plan for the balance of the project cost to be financed by Diamond Nation as per the last proposal.
“In addition, discussions with the state regarding financial assistance for the projects are continuing,” Kelly said.
City Council meets in regular session beginning at 7:30 p.m. in Council Chambers at City Hall. The complete agenda is available online.
Anyone wishing to address City Council at the regular session meeting must register in advance by calling Clerk of Council Tonya Lacey at 540-372-1010, Ext 228. Each person is allowed five minutes.
Previous Stories:
City Council Votes to Continue Baseball Stadium Negotiations
Photos: City Council Hears from Diamond Nation, Citizens
City Considers Real Estate Tax Exemption for Diamond Nation Stadium Complex
Do Not Jeopardize Fredericksburg’s Future Financial Capabilities. Say No to Baseball. (op-ed)
Diamond Nation Asks City for $18 Million More Towards Stadium
Suns Staying Longer in Hagerstown
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