Top Menu

Fayetteville Holds Off on Unveiling Funding Model

Carolina League logo

Though some details appear to be resolved, officials in Fayetteville are waiting until at least next week to present a funding model for a new Carolina League ballpark

Having already agreed to an memorandum of understanding (MOU) with the Houston Astros, Fayetteville must now determine how it will pay for the proposed downtown facility. The cost of the ballpark has already been capped at $33 million, with MOU calling for the Astros to pay roughly $9 million in rent over a 30-year lease term.

Obviously there is still some ground to cover, which is what the City of Fayetteville and a committee studying the plan are focused on ironing out by coming up with a funding model. A closed door meeting on the proposal took place on Thursday and some involved, including mayor pro term Mitch Colvin, expressed satisfaction with what was achieved. However, the funding model is expected to remain under wraps for at least next week so that the Fayetteville City Council has a chance to look at the proposal. More from the Fayetteville Observer:

If the rest of the council likes the plan, Colvin said, officials will release the details to the public.

“We didn’t want to release it prior to the council weighing in on it,” Colvin said.

The council on Aug. 17 unanimously approved a nonbinding memorandum of understanding with the Houston Astros to land a Class A team to play in the Carolina League, starting next season. The memorandum would commit the city to opening a ballpark behind the Prince Charles Hotel by the start of the 2019 season; the Astros would sign a 30-year lease for the venue.

Councilman Ted Mohn, who is not on the committee, sat in on Thursday’s closed meeting.

“If the assumptions are correct, it might work,” Mohn said afterward, without divulging any details.

It has been previously stated that Fayetteville wants to finalize the terms of the ballpark agreement by the end of this year.

, , ,