In a unanimous vote, the Winston-Salem City Council agreed to borrow $12.7 million to finance the remaining construction of the new downtown Winston-Salem Dash ballpark; owner Billy Prim says construction could resume in July.
In a unanimous vote after the addition of more oversight for the city, the Winston-Salem City Council agreed to borrow $12.7 million to finance the remaining construction of the new downtown Winston-Salem Dash ballpark; owner Billy Prim says construction could resume in July.
In addition, the city will lend Prim's development company $2 million slated for roadwork around the ballpark and give the firm almost a million dollars for buying additional properties near the ballpark.
The deal changed in recent days, after Mayor Allen Joines and Prim announced the basics of the deal. Added was an oversight committee that will review how Prim and his development company spends the money. In addition, the city will move ahead of some other creditors (who must now sign off on the changes — and that's not a sure deal) in case of default and receive more than originally budgeted on the development side.
The additional money gives Prim and his development company the chance 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.
Even with a new ballpark, the team is not out of the woods. In order just to break even the team needs an attendance of 350,000 per season.
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