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No final agreement yet on proposed ballpark

WILMINGTON, NC (WWAY) — There is no official agreement yet between the City of Wilmington and Mandalay Baseball/Braves on a proposed baseball stadium.

On Monday, after their regularly scheduled meeting, Wilmington City Council will hold a special joint meeting with the City Planning Commission. The Council will meet in a closed session to discuss baseball negotiations to date. After that, an announcement will be made about the status of the negotiations.

Highlights of the agreement at this time include:

-Participation between the city and Mandalay/Braves for the cost of construction and operation of a minor league baseball facility over the course of 20 years.

-A 5,500-seat ballpark to be located on 8.5 acres of what was formerly known as the Almont property that could also include a 1.5-acre city park.

-Ballpark construction costs would not exceed $31 million, funded by a 2.5-cent property tax increase.

-Anticipated cost of $6 million for land acquisition/remediation. This money would be paid back to the city from the Braves/Mandalay with annual rent and management fees.

-The target date for completion would be April 2014 or April 2015, depending on final design.

More: continued here

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