ANLBC is named in the contract but for section 7 only.
Basically that section says that if Mandalay fails to pay the rent ANLBC will step in for two season or until another operator is chosen.
Mandalay will repay some constructions costs - in their case they call it "rent".
Specifically, they will pay $500,000 for some period of time (One detail that is missing BTW). If I read it correctly once the land is repaid (which is max'd at $6M) the normal rent is then paid (I think).
If the land costs more than $6M for purchase and site prep, Wilmington eats that extra $
If it costs LESS than $6M (Lets say $3M) Wilmington puts that into the construction fund, meaning the stadium could now cost $34M.
to address cost over runs.
If they are caused by the city the city pays
If they are caused by ANLBC they pay
If they are caused by the contractor the city guarantees $500,000 towards the cost over runs. Half of that Mandalay will pay back over 10 years.
Lets face it - the total cost for the city is NOT $31M. You have to count in interest on the bond and time.
The cost is $58M
Mandalay is not paying rent plus cost of living increase according to THIS document it appears to be a flat rate for 20 years. I max'd it out at $10M ($500,000 for 20 years)
But its less than than - once the land is paid rent reverts back to some unspecified amount.
Now as far as Atlanta is concerned. The deal is they will operate a Braves single A ball club here. If that club is SOLD it is no longer an Atlanta team and THIS agreement is null & void.
I am very worried about what could happen should we get hit by a hurricane. We are responsible for that type of damage. This is one reason why this stadium should not be in this location.
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