A proposal to spend an additional $15.7 in public funds on a new downtown ballpark for the Winston-Salem Dash was put off by the City Council, giving area residents more time to provide feedback.
A proposal to spend an additional $15.7 in public funds on a new downtown ballpark for the Winston-Salem Dash (High Class A; Carolina League) was put off by the City Council, giving area residents more time to provide feedback.
Dash owner Billy Prim and city officials have proposed lending the money to Prim and his development company in order to finish the $40.7 million ballpark for the 2010 season. Prim says problems in the credit market had limited his ability to borrow enough money to complete the ballpark and buy out co-owner Andrew "Flip" Filipowski.
Under his proposal, the city would borrow $12.7 million from BB&T and hand it over to Prim, who would pay off disgruntled subcontrator, settle outstanding liens and finish construction of the ballpark. Another $2 million would be funneled to Prim's development company, Brookstown Development Partners LLC, for daily operations. All in all, the city will have put in $24.7 million toward the ballpark and have no ownership in the project: Prim's lenders have first claim on revenues.
During a City Council meeting last night, over 30 residents stepped forward to express pleasure or displeasure with the plan. The issue facing city officials: there's a half-finished ballpark in downtown Winston-Salem, and it's in everyone's best interest to complete construction. The question is whether spending more money with the Dash is the answer.
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