From Local 3 News: Groundbreaking for the new Lookout Stadium could be before the summer is over. City leaders have been presented wi
From Local 3 News: Groundbreaking for the new Lookout Stadium could be before the summer is over.
City leaders have been presented with an amended resolution that could save taxpayers more money and ensure the project is completed on time.
The Mayor’s Chief of Staff, Jermaine Freeman, says local leaders want a new Lookout Stadium, and they want to be cost-efficient.
Earlier this year, city and county leaders approved a memorandum of understanding (MOU) outlining the expenses that the city, county, property owners, and investors would pay.
Freeman says the MOU doesn’t explain the economic impact this project will have.
“We thought this would be necessary to provide the additional oversight that would be important because this is a generational project, and it requires a new novel approach, and we felt this would be the oversight approach for the time,” Freeman explained.
The area once occupied by the Wheeland Foundry and US Pipe will include retail stores, office spaces, and more.
Freeman says the proposed change allows the Sports Authority to borrow an extra $5 million.
It allows leftover funds from Tax increment financing or TIF to be used to repay the city.
“And so the amendment basically substitutes and captures what was in the MOUS that was approved in Late February and replaces that language in the economic plan,” he said.
The agreement between property owners and developers lays out rules they must follow.
“They have those five to eight-year goals to the extent they miss those goals the increment that is not from their side,” said Mark Mamantov, a financial advisor. “They will be put in escrow, and they will lose a percentage for each year if they don’t hit those targets.”
Mamatov calls this a good compromise that considers the community and provides a financial incentive for everyone to finish the job.
They will fulfill their community benefits agreement by supporting the Bethlehem Center.
The city will vote on the amended revision next week. If passed, it heads to the County Commission.
