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Support, Financing For New Richmond Ballpark In Question As Details Are Unveiled
Published November 12, 2013
MUSIC CITY MONEY: Nashville city officials yesterday announced that the total cost of the Triple-A PCL Nashville Sounds' new ballpark "will be about" $150M. In Nashville, Scott Harrison reported the city will pay $65M "as part of the project's public-private partnership." The Metropolitan Nashville Sports Authority BOD "approved a resolution to issue" $65M in revenue bonds "to fund the project, which would be repaid by the city over 30 years." That issuance will "need to be approved by Metro Council, which is scheduled for its first reading of the ballpark agreement on Nov. 19." City Finance Dir Rich Riebeling yesterday said that the council would pay $4.3M annually "to repay the debt." He projected that after revenue from the new park, the project "will cost the city $345,000 annually." Riebeling said that the city is "seeking to finalize the deal before the end of the year" in order to open the ballpark in the spring of '15 (BIZJOURNALS.com, 11/11).