The Nashville Metro Council yesterday "approved a $65 million financing plan" to build a new ballpark for the Triple-A PCL Nashville Sounds, according to a front-page piece by Michael Cass of the Nashville TENNESSEAN. The council "voted 29-7 to issue municipal revenue bonds" to cover the planned $37M construction of a 10,000-capacity ballpark north of downtown, $23M in land acquisition costs and $5M in capitalized interest. Metro Finance Dir Rich Riebeling said that the city "plans to go to market and start selling the revenue bonds this week, with a closing set for Dec. 19." He added that a construction manager "could be on board by Jan. 1, and construction should start" in the first quarter of '14. The ballpark is "scheduled to open in time for" the '15 PCL season. The city "will build and own the ... ballpark and lease it to the Sounds for 30 years." The Sounds "will operate and manage the facility and be responsible for maintenance costs." A summary of lease terms states the Sounds will get to keep revenue "generated through ticket sales, broadcasts, advertising and the like," while the city will be responsible for capital expenses "necessary to keep the ballpark in good condition," such as roof and seat replacements (Nashville TENNESSEAN, 12/11).
