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.
RELATED STORIES: Fredericksburg: We have five weeks to negotiate Suns lease; Fredericksburg: We need better deal from Suns; Fredericksburg City Council to debate new Sally League ballpark; Fredericksburg officials, Quinn discuss new ballpark; Hagerstown, Fredericksburg preparing dueling ballpark plans; Fredericksburg ballpark could end up turning profit for city: study; Fredericksburg ballpark funding plan emerging; Fredericksburg touted as ideal for professional baseball; Hagerstown owner: We’d meet with Fredericksburg about new ballpark; Fredericksburg to study financial impact of new ballpark; Fredericksburg, Opening Day Partners talking new ballpark; Suns: We’ll put up cash for new ballpark if donation falls through; Will new members of Hagerstown City Council kill new-balpark plan?; See for yourself: fans get peek at problems with Municipal Stadium; Anonymous donor pledges $15M for new Hagerstown ballpark; Hagerstown: Construction of new ballpark could begin next spring; Winchester: We’re not optimistic about landing Suns; Hagerstown takes first step toward ballpark funding; Hagerstown mayor: We’re close to long-term lease with Suns; Hagerstown: Let’s begin designing new downtown ballpark
—-
Share your news with the baseball community. Send it to us at editors@augustpublications.com.
Are you a subscriber to the weekly Ballpark Digest newsletter? You can sign up for a free subscription at the Newsletter Signup Page.
Join Ballpark Digest on Facebook and on Twitter!
Follow Ballpark Digest on Google + and add us to your circles!