City approves agreement for stadium/multi-use venue
MADISON – Madison City Council and Mayor Paul Finley have approved the lease, license and management agreement with BallCorps LLC for a baseball stadium/multi-use facility.
BallCorps owns the Mobile BayBears baseball team. Madison city leaders heard the first reading of the ordinance for the lease agreement at council’s Jan. 22 meeting.
Finley said more work lies ahead, but the city is on the “right track to build this exciting new venue.” BallCorps will pay $1 million each year, and the stadium will have five revenue streams — lodging tax increase, attendance, lease agreement, naming rights and sales tax.
Council chose Brailsford & Dunlavey Inc. to develop a feasibility study for Madison’s professional ball park. The study determined the population within 30-minute drive time of Madison is almost 400,000. Compared to comparable markets, Madison residents’ average household income is second highest, while incomes greater than $100,000 are third.
In short, the feasibility study evaluated seven areas:
* Review characteristics of Madison market and ‘catchment area’ (surrounding area from which a city attracts visitors and shoppers).
* Compare and contrast Madison to comparable markets.
* Examine corporate market landscape in relation to comparable markets.
* Discuss premium seating analyses.
* Outline preliminary attendance projections.
* Discuss preliminary ball park program and seating mixes.
* Review funding contributions for contemporary ball park.
To view Brailsford & Dunlavey’s feasibility study, visit madisonal.gov/DocumentCenter/View/10357.
Finley presented details about the stadium’s funding and overall impact to Madison. Madison will build the stadium/venue for $46 million maximum. BallCorps will sign a 30-year term lease. The bond payment will be approximately $3 million (including Capital Maintenance Fund).
Madison will receive $1 million per year in rent/team funding for 30 years. Other revenue streams include rent, naming rights, parking, sales tax and lodging taxes.
Finley said the city cannot spend the $46 million funding to help schools or roads. The city still can ‘bond’ $15 to $17 million for infrastructure in 2018. Madison Board of Education has scheduled meetings to discuss funding for required infrastructure.
“The multi-use facility will add local meeting space and field space for schools,” Finley said.
Community activities at the venue will include 70 minor league baseball games, seating for 400 for meal or 650 for a presentation, breakout rooms for small meetings, walking track, children’s playground, concerts, firework shows and ‘movies in the park.’ High school teams can play baseball, football and soccer games.
To view the presentation, click madisonal.gov/DocumentCenter/View/10358.