A revised financing plan for a new Hagerstown Suns (Low Class A; Sally League) ballpark in Fredericksburg (Va.) will discussed Tuesday by owner Bruce Quinn and a local negotiating team.
The plan isn’t public, but we do know some things about it. The original plan called for the city to finance a new ballpark, with bonds being paid back with a local property-tax surcharge and rent from the Suns. That met with a lot of opposition, so the new plan calls for the ballpark to be privately financed with assistance from the city’s economic-development agency in the form of a TIF district. From Fredericksburg.com:
Howe has said the city is working on a plan for a mostly privately financed stadium that the city could support with the economic development tools it has at its disposal. Past economic development deals have involved the city returning a portion of the new tax revenues generated by a project.
Quinn said in an email that the new deal that is being worked on involves a “large contingency of local Fredericksburg businessmen, contractors and finance experts” and includes “possible future owners and sponsors in the team.”
He said it would be a different approach that wouldn’t require the city to issue general obligation or revenue bonds.
If the two sides can come to an agreement, the next step would be consideration from the City Council on Aug. 15.
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