This week, the council discussed whether to extend its "memorandum of understanding" with the ball club to build the $450 million project.
The ballclub and the city first struck the MOU in 1998, when voters approved the plan for a baseball-only ballpark and redevelopment in the East Village area of Downtown. The council has since extended it four times.
It has been sidetracked by a variety of factors ranging from lack of financing to lawsuits to inquiries into council corruption. The city currently plans to pay half the costs, putting up a portion of the money in cash, then using bond sales to finance the rest.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
