Has cost for Bull Street ballpark gone up? - WFXG FOX 54 - News Now

Has cost for Bull Street ballpark gone up?

COLUMBIA, SC (WIS) -

Has the cost of Columbia's new Bull Street baseball stadium gone up? You might reach that conclusion while scanning the agenda for Tuesday's city council meeting.

The council agenda calls for a vote on an ordinance to issue and sell up to $35 million in bonds for the baseball stadium -- referred to in the agenda as a "multi-use Entertainment Venue."

It's probably easier to just call it the Bull Street ballpark.

If you've been following the story, you might know that the cost to the public for the ballpark itself has been often pegged at $29 million. That is the amount of the loan the city would repay over 30 years using revenue from the city's hospitality tax.

The deal also includes a commitment by the owner of Hardball Capital, Jason Frier, to pitch in another $6 million, but that is not the money we are talking about right now.

The additional $6 million included in the figure cited in the ordinance are added costs, some involving a reserve fund for debt service.

So does this mean the stadium is getting more expensive? We asked Columbia Chief Financial Officer Jeff Palen.

"It's a good question," said Palen. "On the agenda, it does show $35 million for the hospitality bond. But out of that we're only giving that $29 million, which is what we've committed to for the baseball stadium. We put a higher number in there because it takes about three months to ramp up to when you actually issue the bond. It's more of a protection for us. We don't know what the conditions will be. You might have to issue a little bit higher amount, the par amount to get your $29 million. Plus other things go into that number. You have six to seven hundred thousand in cost of issuance and then you have a couple of million that you have to have as a debt service reserve fund."

In other words, the city still considers its commitment of public dollars for the stadium to be $29 million.

Stadium critics have been worried for months that the city is obligating too much public funding for the project. They have also been concerned that costs will continue to rise over time.

Remember, this is just the bonding for the ballpark. It does not include money the city will spend for infrastructure at the entire Bull Street site, which is about $31 million and possibly around $24 million for parking garages. City leaders are working on a plan that might allow investors to pick up much of the costs associated with the garages.

Follow WIS:    

Copyright 2014 WIS. All rights reserved.

  • NEWSMore>>

  • Trump raises risk of economically harmful US-China trade war

    Trump raises risk of economically harmful US-China trade war

    Tuesday, June 19 2018 12:20 AM EDT2018-06-19 04:20:31 GMT
    Tuesday, June 19 2018 11:51 PM EDT2018-06-20 03:51:25 GMT
    President Donald Trump gestures as he signs a "Space Policy Directive" during a meeting of the National Space Council in the East Room of the White House, Monday, June 18, 2018, in Washington, as Vice President Mike Pence watches.  AP Photo/Susan Walsh)President Donald Trump gestures as he signs a "Space Policy Directive" during a meeting of the National Space Council in the East Room of the White House, Monday, June 18, 2018, in Washington, as Vice President Mike Pence watches. AP Photo/Susan Walsh)

    A new 10 percent tariff on $200 billion in Chinese imports is being threatened by Trump in the latest move toward what could become a trade war.

    More >>

    A new 10 percent tariff on $200 billion in Chinese imports is being threatened by Trump in the latest move toward what could become a trade war.

    More >>
  • 'Papa! Papa!' Audio of children stokes rage over separation

    'Papa! Papa!' Audio of children stokes rage over separation

    Tuesday, June 19 2018 1:20 AM EDT2018-06-19 05:20:32 GMT
    Tuesday, June 19 2018 11:43 PM EDT2018-06-20 03:43:50 GMT
    (U.S. Customs and Border Protection's Rio Grande Valley Sector via AP). In this photo provided by U.S. Customs and Border Protection, a U.S. Border Patrol agent watches as people who've been taken into custody related to cases of illegal entry into the...(U.S. Customs and Border Protection's Rio Grande Valley Sector via AP). In this photo provided by U.S. Customs and Border Protection, a U.S. Border Patrol agent watches as people who've been taken into custody related to cases of illegal entry into the...
    An audio recording that appears to capture the heartbreaking cries of small Spanish-speaking children being processed by U.S. officials stoked the uproar over the policy of separating immigrant children from their...More >>
    An audio recording that appears to capture the heartbreaking cries of small Spanish-speaking children being processed by U.S. officials stoked the uproar over the policy of separating immigrant children from their parents.More >>
  • Trump administration pulls US out of UN human rights council

    Trump administration pulls US out of UN human rights council

    Tuesday, June 19 2018 12:00 PM EDT2018-06-19 16:00:59 GMT
    Tuesday, June 19 2018 11:43 PM EDT2018-06-20 03:43:06 GMT
    (Salvatore Di Nolfi/Keystone via AP, File). FILE - This is a Tuesday, Nov. 8, 2008 file photo, showing a general view of the Human Rights Room (Room XX) at the European headquarters of the United Nations in Geneva, Switzerland. Diplomats say the United...(Salvatore Di Nolfi/Keystone via AP, File). FILE - This is a Tuesday, Nov. 8, 2008 file photo, showing a general view of the Human Rights Room (Room XX) at the European headquarters of the United Nations in Geneva, Switzerland. Diplomats say the United...
    The Trump administration is poised to announce its departure from the United Nations' main human rights body in its latest withdrawal from an international institution.More >>
    The Trump administration is poised to announce its departure from the United Nations' main human rights body in its latest withdrawal from an international institution.More >>
Powered by Frankly