Mandalay Baseball Properties and the Atlanta Braves will pursue private financing for a new waterfront Wilmington (N.C.) ballpark, though some public money may end up being part of the deal.
At a press conference this morning, Mandalay’s Rich Neumann and the Braves’ Mike Plant announced they’d be working on primarily private financing for the ballpark project, stretching out the terms of any financing to 30 years. Though the details of the plan are still preliminary and will be presented to the City Council in 30 days or so, the private sector would be bearing much of the cost of a ballpark, whose costs could approach $40 million.
If the financing issue can be solved — and it’s a process that’s raised local opposition, as conservative talk radio has staked out its opposition to any public fnancing — then you could see the Lynchburg Hillcats (High Class A; Carolina League) playing at a new facility for the 2014 season.
Speaking of cost: on Tuesday the City Council will be hiring a project manager to outline the costs of the ballpark and its financial feasibility.
RELATED STORIES: Business leaders to push for new Wilmington ballpark; What shouild Wilmington expect for new-ballpark attendance?; Poll: Wilmington residents overwhelmingly oppose public financing of new ballpark; Proposed Wilmington lease: Mandalay would pay 12 percent of debt service; Atlanta Braves have tentative deal to buy Lynchburg Hillcats; New Wilmington ballpark would be part of hotel, marina complex; Wilmington to move forward with ballpark talks; Wilmington to discuss new Braves ballpark tomorrow night; Wilmington looks at development deal with Mandalay, Braves; Wilmington ballpark dead on arrival?; Another new effort for Wilmington minor-league baseball?
Share your news with the baseball community. Send it to us at email@example.com.
Are you a subscriber to the weekly Ballpark Digest newsletter? You can sign up for a free subscription at the Newsletter Signup Page.