Details revealed about financing for proposed stadium - WFXG FOX 54 - News Now

New details released about financing for proposed minor league stadium

NASHVILLE, TN (WSMV) -

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 2013 WSMV (Meredith Corporation). All rights reserved.

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