County officials said Wednesday that the cost of the Southside Stadium, once pegged at $79.5 million, has now reached $139 million.
According to an analysis by County Finance Director Lee Brouner, the construction cost of the stadium itself has risen to $120 million, but there is an additional $10 million expense for initial infrastructure and $9 million for capitalized interest.
Mr. Brouner said the stadium as presented in August 2022 had a projected cash outlay for the bond issue, including interest, of $138.8 million.
He said that has now risen to $262.5 million.
Mr. Brouner said under the earlier scenario the cost of the city/county debt service on the stadium could be covered by $350 million in development in the TIF District around the stadium.
He said that has risen to $500 million of development needed.
Mr. Brouner said the repayment of a new $40 million loan to the private developers would require an additional $500 million in development - for a total of $1 billion of new development.
He said the $40 million loan would cost $100 million at current interest rates.
Funding for the planned Alton Park Connector, additional site infrastructure and other community benefits would only be available when the development surpasses $1 billion under the new scenario, he said.