New details have been released about how the new minor league stadium proposed for the Sounds will be financed.
Metro's Finance Director Rich Riebeling presented those details to the Sports Authority of the new Sulphur Dell stadium Monday morning.
He said it would cost the city about $345,000 a year out of its operating budget.
Metro would acquire privately-owned land and acquire state-owned land in a land swap, and the whole thing would be paid for with $65 million in bonds.
The Sounds pay Metro $700,000 a year to lease the stadium.
Riebeling touts the deal as a way to connect Germantown to downtown.
"We think it is a game changer along Jefferson Street with an immediate investment, public and private, of nearly $150 million, probably more money than has been spent in that area in some time," Riebeling said.
Metro Council would have to approve the deal by the end of the year as part of the deal with the private developer.
Riebeling hopes to break ground by January to open in April 2015.
Copyright 2013WSMV (Meredith Corporation). All rights reserved.
Friday, August 29 2014 4:33 PM EDT2014-08-29 20:33:42 GMT
South Carolina Highway Patrol is investigating a fatal wreck on Gun Range Road, between Wire Road and Highway 1.Troopers responded just after 1 p.m, according to the SCHP database.Additional details areMore >>
The Aiken Co. Coroner's Office confirmed Willis L. Purvis, 55, was returning home on his Suzuki motorcycle when he lost control of it, and was ejected. More >>
Friday, August 29 2014 4:06 PM EDT2014-08-29 20:06:26 GMT
The Red Cross of Augusta is offering safety tips for this Labor Day weekend. Experts say if you're packing up and heading out of town, bring even the things you think you won't need just in case. "MakeMore >>
The Red Cross of Augusta is offering safety tips for this Labor Day weekend.More >>