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Poll: Should Fredericksburg City Council back baseball deal?
COMPLETE COVERAGE: View all related stories and images on the proposed baseball deal.
The Stadium issue:
Key facts regarding a preliminary proposal for Minor League Baseball and a multipurpose stadium.
WHO: The Hagerstown Suns, a Class A affiliate of the Washington Nationals.
WHAT’S NEEDED: The Suns want a 5,000-seat multipurpose stadium that would have a construction cost cap of $29.5 million.
WHERE: Two sites along Interstate 95 in Celebrate Virginia South are being discussed: 38 acres where the U.S. National Slavery Museum was to have been built and a 22-acre site off Gordon W. Shelton Boulevard where the road dead-ends.
STADIUM USES: The facility proposed by the Suns would host concerts, festivals, car shows and, potentially, professional soccer and lacrosse, in addition to Minor League Baseball. The proposal includes a restaurant that would be open year-round, an arcade, swimming pool and dog park.
Hagerstown Suns: would provide $3 million for the city to purchase land for the stadium.
City of Fredericksburg: would finance construction of the stadium over 30 years likely through general obligation bonds totaling as much as $33 million.
REPAYING THE DEBT
Hagerstown Suns would: Lease the stadium for 30 years, paying the city $105,000 annually.
Split the stadium naming rights revenue 50-50 with the city.
Annually contribute 15 percent of the team’s net profits above $700,000.
City of Fredericksburg would: owe an estimated $2 million to $2.5 million annually to pay off the debt.
Properties in Celebrate Virginia South and Central Park would become part of a special tax district and pay as much as 32 cents per $100 of assessed value in addition to their city real estate taxes until the debt is paid.