Nashville Mayor Karl Dean unveiled the public contribution toward a new Nashville Sounds (Class AAA; Pacific Coast League) ballpark and associated development: $65 million.
The Sounds would contribute $50 million toward the development and developer San Antonio-based Embrey Development Corp. would fund $37 million for a 250-unit residential development. The ballpark's price tag would be relatively modest: $37 million, with another $23 million targeted for land acquisition. From The Tennessean:
Metro would own the new stadium — just like it does LP Field and Bridgestone Arena — and enter into a 30-year lease with the Sounds through 2045.
Neither the Sounds nor Embrey would be required by contract to build its private developments, however, even though property tax revenue from both would help pay off the bonds. Other revenue streams covering the debt would include sales tax collections from the stadium and tax-increment financing.
All told, Dean on Monday discussed a projected $150 million in new public and private investments for an underutilized area sandwiched between Germantown and downtown that is currently dominated by parking lots. The idea is not just to replace the 35-year-old dilapidated Greer Stadium, but to provide a jolt to a part of town that needs it.
The Sounds will pay $700,000 annually in rent during a 30-year lease; here's a more in-depth analysis of the financing deal for you policy wonks. If the financing package is approved by Metro, we could see a new Sounds ballpark in 2015.
Image courtesy of Populous.
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