A proposed privately financed Virginia Beach ballpark for an independent Atlantic League team could move closer to reality under a plan to be considered by the city council tomorrow.
The plan from Virginia Beach Professional Baseball LLC calls for a $50-million, 5,000-seat ballpark and sports complex ($21 million for the ballpark, $7.7 million for commercial development, $11.3 million for a baseball complex, $3.7 for PAAC fields, and $6.3 million in soft costs). Piper Jaffray is lined up to issue $43.7 million in bonds; according to the proposal presented to the city, the bonds would be privately financed and not count against city debt. The city would pay $7.3 million for street improvements in the ballpark area.
There is already pro baseball in the Hampton Roads area in the form of the Norfolk Tides (Class AAA; International League) and summer-collegiate ball in the form of the Peninsula Pilots (summer collegiate; Coastal Plain League).
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