Bronin Announces Yard Goats Deal That Would Have Stadium Ready May 31
http://www.courant.com/news/connecticut/hc-hartford-yard-goats-agreement-0114-20160120-story.html
>>Under the agreement, the developer, Centerplan Cos. affiliate DoNo Hartford LLC, would give up $2.3 million in fees. In addition, it would make additional annual tax payments of $225,000 on the entire Downtown North development, a mixed-use project that includes the stadium. The higher tax payments would extend over 25 years.
The Yard Goats would contribute $2 million and give up $500,000 that the city would have paid for designated team parking.
The city would initially shoulder $5.5 million that would be paid for through bonds issued by the Hartford Stadium Authority. But the additional tax payments from DoNo Hartford would reduce the city's share of the costs to about $3.5 million. City council approval is still required because it approved the original stadium development agreements
Bronin said previously that he opposed sinking any more city money into the stadium construction. "Nobody wanted to put additional taxpayer funding into this deal, but we have to play the hand that we were dealt," Bronin said. "Given the situation that we're in, I think it was our responsibility to protect both the short- and long-term interest of the taxpayers and the best way to do that is to get this project back on track and to limit taxpayer exposure."
The agreement calls for a "substantial completion date" of May 17, giving the team enough time to ensure the ballpark is ready for its first game.<<