News
Email
Print
City council approves baseball financing 7-0
Journal file photo
ADVERTISEMENT
Published: June 17, 2009
Updated: 06/17/2009 08:00 pm
The Winston-Salem City Council tonight approved a plan to lend more money to the developers of the baseball stadium downtown. The vote was 7-0.
Before the council voted, City Manager Lee Garrity said that stadium proposal would not increase the city property taxes.
The council also heard more citizen input on the stadium deal.
More than 200 people attended a forum Monday night, and so many signed up to speak that the council chose to continue the meeting.
Mayor Allen Joines said yesterday that he wants to create a citizens' committee to oversee how the city's loan money is used.
Joines said he wants to create the committee, "right away, before any money is spent."
If the deal is approved, the city would take out a loan for $12.7 million to buy land for the stadium and to help finish construction. The stadium, which would be the home of the single-A Winston-Salem Dash, is being built at First Street and Peters Creek Parkway. Prim's development company, Brookstown Development Partners, would repay the loan over 25 years.
The city would also advance Prim's development company, Brookstown Development Partners, $2 million from a federal grant to pay for parking lots and roadwork. The grant has been approved, but must be amended to include the roads for the stadium.
And the city would finance $980,361 for Prim to buy city-owned land around the stadium. Prim would pay for that land purchase over five years.
Ownership of the stadium would transfer to the city after 25 years.
Email
Print
