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El Paso approves new-ballpark financing plan

New El Paso ballpark

After city officials withdrew a request to add $10 million to the project budget, the El Paso City Council passed a plan to issue $52.8 million in bonds for a new downtown ballpark for a Pacific Coast League team.

City officials had presented a plan to increase the ballpark budget by $10 million after diverting money from already-authorized street funds as well as $5 million from a contingency fund. But after some very negative feedback from City Councilors, the plan was scrapped, paving the way for the passed of the bonds under the original terms. From the El Paso Times:

From the approved bonds, $10 million will pay for the ballpark design and pre-construction costs and $40 million will go toward construction as originally planned. Another $1.8 million will pay the cost for the sale of the bonds and $1 million will go toward public art as is required by city ordinance for capital projects.

The sale of the bonds will be repaid with hotel occupancy taxes, stadium lease payments, ticket surcharges and parking fees.

New El Paso ballpark

It’s a big week for MountainStar Sports, which has bought the Tucson Padres (Class AAA; Pacific Coast League) and will move the team to the new ballpark for the 2014 season. Though construction of the ballpark has already begun, a groundbreaking is scheduled for tomorrow.

Images courtesy Populous.

RELATED STORIES: El Paso City Hall goes down, making way for new ballpark; El Paso to set up corporation to oversee ballpark construction, management; Populous lands El Paso ballpark design contract; City, Diablos talking end of Cohen Stadium lease; Voters approve El Paso hotel/motel tax for new ballpark; El Paso ballpark debate enters final stretch; El Paso: ballpark will happen with or without hotel tax; El Paso: No federal issues at play in ballpark lawsuit; MountainStar Sports takes control of Tucson Padres; El Paso ballpark foes file suit in federal court to shut down project; MountainStar Sports buys Tucson Padres; Opponents: El Paso ballpark debate not overMayor won’t veto ballpark lease; PCL to El Paso in 2014El Paso ballpark approval squeaks throughPCL approves move of T-Padres to El Paso — if lease approved


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