The cost has risen for the Braves’ planned new spring-training facility, which will be a done deal if city commissioners in North Port, Fla., vote to approve the final development agreement today. The project now carries a price tag of $100.56 million, according to the latest financing documents provided to North Port commissioners, up from the previous estimate of $75 million to $80 million. If the deal receives a favorable vote today, a ground-breaking ceremony is expected to be held next month in North Port, which is located in Sarasota County in southwest Florida. The increased cost won’t change the amount of taxpayer money in the deal: about $40.4 million toward construction, plus interest. Sarasota County would cover $21.3 million of the construction cost, the state of Florida $14.4 million and North Port $4.7 million. (The state’s commitment is $20 million over 20 years, but that includes interest payments.) The project’s private developer would contribute $4.7 million. The Braves would be on the hook for the remaining $55.5 million through a combination of up-front payments (about $18 million for architectural, engineering and construction fees and costs) and annual payments over 30 years (sufficient to cover debt service on $37.5 million in bonds), according to the North Port documents.
Final vote today on Braves spring training facility; cost tops $100M
Atlanta Journal-Constitution | Sep 19