The city of Madison released a copy of the Lease, License & Management agreement with the owner of the Mobile BayBears to bring Minor League Baseball back to the Tennessee Valley by 2020.
WAAY 31 poured over the 86 page document Thursday to learn that March 1 was the deadline to get two key items, which were potential deal breakers, completed in order to keep the agreement intact.
One of the key items was finalizing a venue and infrastructure agreement by March 1. The City of Madison finished negotiationing with the developer of Town Madison [Breland Properties] right on deadline.
The amdended Town Madison infrastructure agreement increased the developer’s budget from $22M to $40M. Upping the budget will allow for the completion of the full interstate 565 interchange, as well as assist with the city's stadium debt service and also fund the venue parking lot and perimeter road. Mayor Paul Finley has said in the past that there’s no point of having a ballpark that people can’t get to.
”We are confident that all of the question and areas of concern Council considered have been addressed to our satisfaction. Our legal teams are now updating the Town Madison agreement, and our goal will be release the document to the community no later than Monday, Mar. 5,” said Finely.
The other item that had to be completed by March 1st [per the agreement with BallCorps] was acquiring the donated land from Breland Properties to build the stadium. The council approved the acquisition Monday.
• City Revenue: Receive $1 million in rent annually from BallCorps, LLC | Base license fee of $250K annually plus an attendance incentive | Percentage of sales tax, parking, naming rights and non-baseball related events.
• City Obligations: Building the venue, leasing the venue, parking and security.
• BallCorps Obligations: Relocation process, baseball related items and games, overseeing city and non-baseball events, any future development or additions to the stadium, venue maintenance, alcohol beverage permit and team name.
• 30-year lease term effective April 1, 2020.
• Team naming rights belong to BallCorps LLC, but per the agreement the team name must include the word “Madison.”
• BallCorps LLC will cover 60% of the utilities for the venue, the city will pay 40%.
REMAINING CHECKLIST ITEMS:
• BallCorps LLC receiving approval from the Southern League, MiLB and MLB to relocate the Baybears to Madison by May 1, 2018
• City must secure all its financing to building the multi-purpose venue by May 1, 2018.
"We are proud of our city team and the long hours they have put in during the past few months to make this happen. Town Madison anchored by our multi use venue and minor league baseball, is the premiere regional destination spot that will enhance our community and the Tennessee Valley for decades to come," said Finley.
City leaders also released the official renderings for the $46.6 million dollar ballpark. As impressive as it may look, the 7,000 seats capacity multi-purpose venue is $600,000 over the city’s bond limit. That means the city has to find more money or find ways to modify the design to save money.