PSV took steps to make sure Austin avoided out-of-pocket expenses for stadium constructionGENSLER
A new $200M, 20,000-seat MLS stadium in Austin "would be privately financed" at McKalla Place, with the city "retaining control of the 24-acre site," according to Kevin Lyttle of the AUSTIN AMERICAN-STATESMAN. A new term sheet shows the deal would allow Precourt Sports Ventures, which owns the Crew and aims to move the franchise to Austin, to "avoid property taxes." PSV "would pay $550,000 per year in rent after year five," or $8.25M over an "initial 20-year lease." In PSV's initial proposal to the city last month, the group "wanted to lease for $1 a year." The new term sheet, the product of a month of negotiations, "indicates plenty of give-and-take" between PSV and the city of Austin. The Austin City Council is "expected to vote" on the potential deal at an Aug. 9 meeting. Austin-based attorney Richard Suttle, who works for PSV, in a statement said, "The city took steps -- and PSV agreed -- to eliminate all city risk and out-of-pocket expense with the stadium construction." The term sheet said that the parties will "work together on a traffic impact analysis and work with neighborhood groups and businesses to lessen the effects on their properties, but it did not go into much detail." There will be "only 1,000 on-site parking places," and the deal "calls for the club to make efforts to develop transportation options and identify off-site parking." The club also would "retain all revenue generated on MLS match days." Meanwhile, the city "insisted that 'Austin' be a part of the team name." The city also will be "able to review" Crew Chair Anthony Precourt's "stadium financing, a source of contention with some council members" (AUSTIN AMERICAN-STATESMAN, 7/29).
