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Update On Stadium
Great news…Construction is underway!
When we began our efforts to bring a new baseball stadium to Winston-Salem we did so with great expectations. First, it will be the western economic development anchor to our Downtown redevelopment which is really beginning to take hold. Second, it will provide an exceptional new venue where our families and young people can go to enjoy an inexpensive afternoon or evening of entertainment. Third, it will demonstrate the vibrancy and creativity of our City to others looking to move or locate a business here. Fourth, it will be an example of how public/private entities can work together to create opportunity for the future. And finally, it will add significantly to our property tax base, helping to hold down future tax increases for our residents.
As all of you know, the road to the new stadium has been challenging, to say the least. But we have learned a lot along the way. This was a very difficult project that combined private investment, financing from multiple banks, city support from our residents and significant personal guarantees from the developer.
Over the last few months, we’ve made a lot of modifications in the terms and conditions on the financing and ownership of the stadium. Many modifications have come about as a result of what we heard from our residents during our public meetings. I recognize we’ve come under fire for our efforts to help make this happen and the way in which this project has progressed. I also know that there will be those who will never accept the fact that our intentions and actions have always been honest and our motivations unselfish. As public servants and those who work for our residents every day, our goal was simply to make this City a better place to live, work and raise a family.
The City assumed title to the stadium when we closed the project on Sept 22, rather than in 25 years as specified in the original agreement. The City will lease the stadium back to the developer for the original 25-year-term, with the developer responsible for all maintenance and improvements. The developer will also continue to pay property taxes on the stadium.
This provision will provide greater security for the City and our residents on the investment we have made in the stadium.
Construction is underway and the superintendent believieves that work will be completed by March, 2010. Please go by and see the work that is underway.
I realize, just as all of you do, that with any significant opportunity, comes significant challenge. However, I am heartened to know that so many of us share a vision and a hope for our City that embraces a better future for our residents.
I welcome your comments on this issue. Please go to the DISCUSSION area on the right side of this web page to participate in this discussion.
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