The city of Madison is closer than ever to building a multi-million dollar ball park.
The Madison City Council announced Monday, it will have a public hearing to secure funding to build the stadium.
The council was supposed to discuss the finalized lease agreement, but on Friday it was pulled from the agenda.
After Monday's meeting, the owner of the Mobile BayBears and city leaders went behind closed doors, but the agreement was not finalized. According to those close to the deal, there are still a few minor items to to work out.
Once approved, the city will invest $46.6 million to build a 7,000 seat capacity multi-purpose venue, which they will lease to the BallCorps, LLC for 30 years. On the back end, the city will previously passed an increase in lodging tax to pay off the bond.
The city stands to earn roughly $2.2 million in revenue annually from rent, naming rights, parking, sales tax and non-baseball revenues.
City leaders told WAAY 31 there are still many steps needed to be taken before the ballpark is a done deal.
-Finalize the deal with the team owner
-Get approval from Major League Baseball, Minor League Baseball and the Southern League
-Acquire the land to build the stadium on
-Sign agreements with the developer of Town Madison
-Secure funding to build the $46.6 million dollar stadium
Mayor Paul Finely told WAAY 31 they're close, "like real close, you know and I think that's the case. But real close to make sure that the numbers work. The council always said that this has to work in a way where we feel like we're minimally, if any, touching our fund, while also making sure it is the catalyst that we want for an economic development."
The city council will hold a public hearing to discuss financing the ballpark on Monday, Feb. 26.
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