The city of Madison is drafting their best pitch for building a new baseball stadium.
City leaders drafted a lease, license and management agreement for BallCorps, LLC, who owes the Mobile BayBears, Monday. The agreement in part would obligate the city to build a 6,000 seat capacity ballpark, and then lease the multi-purpose venue to the minor league team for the next 30 years.
The ballpark itself comes with a $46 million price tag, which city leaders told WAAY 31 they plan to secure a bond in order to cover the upfront cost of constructing the stadium. On the backend, Madison intends to use lodging tax revenue to pay back the money.
Based on a feasibility study, the city is expected reap at least $1 million in revenue per year from the ballpark; including sharing parking revenue with the team.
As part of the agreement, the BayBears' ownership group would also move its corporate offices to Madison and manage the stadium operations.
Without a stadium agreement in place, approval from the Southern League and Minor League Baseball, to relocate the team to the Tennessee Valley, would not be in play.
The city will host a second reading on the agreement next month.