County Says Cost Of Stadium Project Has Reached $139 Million; Says $1 Billion Of Development Now Needed To Cover City, County's Stadium Costs

  • Wednesday, January 10, 2024

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.

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