Before Duke gets all riled up.
If the Lynchburg Hillcats are bought by Atlanta like they're supposed to be (lets assume a $5M price tag old Duke will say Atlanta is putting more skin in the game.
I suspect the city's portion of construction will be 30% of $27M or about $9M. Add in the land and you come up with about $15M.
The BOND However will come out to be about $32M.
The city has already announced that it has to raise taxes 8 cents per hundred (this is in the budget).
5 cents to remain revenue neutral(due to Real estate value decline)
3 cents to repair roads (identified in a city survey as the #1 need)
2.5 cents for ballpark
10.5 cent tax increase
or about a 27% increase in taxes for city residents.
Just keep in mind this. In three years the Braves could sell the team. New owners could move the team with impunity. The Braves will have escape clauses, no doubt.
Read up on Gwinette county - a Braves city. They put the Gwinette Braves there 3 years ago in a new 10,000 seat stadium. Attendance is currently averaging 48% of capacity.
The county is getting 15% of anticipated parking revenues, and expected economic development is non-existent.
The Council needs to NOT go forward with this unless fully funded by Mandalanta
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