City, Town Madison developer agree on stadium funding
MADISON – The City of Madison has cleared more hurdles to be the home to professional baseball in 2020.
Madison Mayor Paul Finley announced on March 1 that negotiations are complete with the Town Madison developer concerning the infrastructure funding.
“We are confident that all of the questions and areas of concern (that) council considered have been addressed to our satisfaction,” Finley said. “Our legal teams are now updating the Town Madison agreement, and our goal will be to release this document to the community no later than Monday, March 5.”
Madison City Council will receive the document for approval or rejection at its March 12 meeting.
The Town Madison Infrastructure Agreement contains these provisions:
* Allowing completion of the full I-565 interchange.
* Assisting with the city’s stadium debt service.
* Funding the venue parking lot and perimeter road.
“We are proud of our city team and the long hours they have put in during the past few months to make this happen,” Finley said. “Town Madison, anchored by our multi-use venue and minor league baseball, is the premiere regional destination spot that will enhance our community and the Tennessee Valley for decades to come.”
The document package contains several exhibits with renderings of views of the property site, parking area, ball field and exterior/interior views of the stadium/multi-use venue building. Also, “The Professional Baseball and Multi-Purpose Venue” document has 18 pages that detail the appointment of a manager, insurance and claims, financial reporting, record keeping and numerous miscellaneous items.
In addition, Madison now can release the full Lease, License and Management Agreement with Ballcorps LLC to the public. Approval is still pending from Southern League, MiLB and MLB.
The city will continue to address and release information as the scenario changes, Finley said.
To access the documents, visit madisonal.gov, scroll down to the “MADISON NEWS” section, click “Town Madison Negotiations” and click “FULL LICENSE AGREEMENT.”