MLS Dynamo Secure $20M To Help Finance New Soccer Stadium
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Dynamo Making Progress On Covering
Cost Of New Soccer-Specific Stadium |
MLS Dynamo President Oliver Luck yesterday said that ownership has "secured financing of about $20[M] to cover what the team is hoping the city of Houston and Harris County will contribute" to the club's $80M proposed stadium, according to Fallas & Peterson of the HOUSTON CHRONICLE. Luck: "We have some i's to dot and t's to cross, but things are looking very favorable. It's not a done deal, but the principal points have been agreed upon." Luck said that Alabama-based bank BBVA/Compass "has agreed to loan the Dynamo the money and accept payments on most of the debt by the city and county." Fallas & Peterson write the developments "appear to clear the way for Houston City Council and the county's Commissioners Court to include the stadium issue on their respective agendas for voting." Luck said that "both government entities agreed to commit Tax Increment Reinvestment Zone revenue streams to the project provided the Dynamo secure financing up front." But Commissioner El Franco Lee, whose "Precinct 1 would house most of the stadium," said that "no agreement is in place." Lee: "There is nothing that I'm about to put on the agenda at all. There's nothing happening on that" (HOUSTON CHRONICLE, 3/25).
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