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City to spend big for ballpark, hotel legal fees

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WILMINGTON, NC (WWAY) -- Wilmington City Council will vote Tuesday to spend more than $150,000 for fees for the next few months associated with negotiations for a ballpark and Convention Center hotel. The city also looks to budget $430,000 for the two projects next year.

According to the council's agenda for Tuesday's meeting, the ordinance would appropriate money through June 30 "for the estimated legal costs associated with negotiations for the private sale of land for the development of a Hotel at the downtown Convention Center site and to pursue due diligence related to making a recommendation on the feasibility of constructing a city-owned Baseball Stadium."

The legal fees for the hotel talks are estimated to cost $30,000 through the end of June. Fees for the ballpark during the same time period are predicted to be about $123,500.

The ordinance also calls for $120,000 for hotel legal fees in FY2013, which starts in July, and $310,000 for the ballpark project in the next fiscal year.

The ballpark costs include a feasibility study, outside legal council, financial advisor, appraisal, project management, bond council and co-bond council:

 20122013Total
Feasibility Study$25,000$25,000$50,000
Outside Legal Council$25,000$95,000$120,000
Financial Advisor$30,000$60,000$90,000
Appraisal$3,500 $3,500
Project Management$40,000$40,000$80,000
Bond Council $60,000$60,000
Co-Bond Council (required LGC) $30,000$30,000
Total:$123,500$310,000$433,500

 

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