The City of Madison is another step closer to bringing a new stadium to the city along with a multi-use venue.
City officials and the developers of Town Madison agreed to new terms for the agreement, which will go next go in front of the full council.
As previously reported by WAAY 31, the updated agreement includes a provision that increases the funding request by $18 million, from the original $22 million up to $40 million.
There will also be a decrease in the original interest rate. It was 10 percent since 2014, but this change would bring it down to 5.47 percent.
And revenue generated from Town Madison will be used to help the city pay its bond amount.
The document also states that the Town Madison developers are responsible for the construction and installation of not only the full I-565 interchange, but also the parking lot, perimeter road, sewer lift station and other significant infrastructure for the venue.
Accordinng to the developer's spokesman, 26 million is needed to build the I-565 interchange.
Joey Ceci with Breeland Companies said, "when we first set this up and envisioned the project. it was always believed the city or state would come in and fund a large portion of the interchange. because of budget constraints and the way the federal programs have changed over the last couple of years. that kind of money isn't there. this is the only way to build that interchange in the time that we need it."
In a statement, Madison Mayor Paul Finley applauded the updated agreement.
"Completing this last piece of the puzzle solidifies our ability in bringing AA baseball to Madison. It’s exciting to think that in two years' time we will have a premiere destination multiuse venue that will attract visitors from all of North Alabama and Southern Tennessee."
However, the document does not address whether or not the Southern League, Minor League Baseball and Major League Baseball have approved the sale of the Mobile Baybears.
The agreement will be presented for consideration to the city council on Monday, March 12.
- Details on updated financial agreement for Town Madison released
- Town Madison Cooperative District approves additional funding for Town Madison
- Madison officials, BallCorps sign baseball agreement
- City of Madison releases rendering of new baseball stadium, agreement with team owner
- Developer breaks ground on Town Madison apartments
- Margaritaville Hotel coming to Town Madison
- Resort style hotel coming to Town Madison
- Finalized agreement to build ballpark in Madison gets pushed back
- Madison County Commission and school board terminate agreement
- Officials break ground on first Town Madison hotel