· Related development
LGC signs letter of intent with an Elmore Sports Group company
The LGC signed a letter of intent with a company owned by Elmore Sports Group for the relocating San Antonio Missions (Class AA). Proposed terms included $400,000 annual rent through 2048; the budget was reported at $45.5 million funded by a city hotel tax.[1]
Bob Cowell Jr.Elmore Sports GroupAmarillo Local Government Corporation (LGC)Populous
What the sources say
- ✓ Verified
The LGC signed a letter of intent with a company owned by Elmore Sports Group; proposed terms were $400,000 annual rent, with $225,000 to a capital fund, through 2048, and the budget was $45.5 million ($40 million ballpark, $5.5 million surrounding improvements) funded by a city hotel tax. Populous, hired by the LGC, was the designer.[1]
- Annual rent
- $400,000
- Capital fund
- $225,000
- Budget
- $45,500,000
- ✓ Verified
NewsChannel 10 reported on June 26, 2017 that the Local Government Corporation had approved a letter of agreement with a subsidiary of Elmore Sports Group, and that the LGC had hired Populous to design the stadium for $2.6 million, on top of a total project budget of $45.4 million. Deputy City Manager Bob Cowell said the City Council would finalize lease discussions "over the next few weeks." The report gives no vote count. [2]
- Design fee
- $2,600,000
- ✓ Verified
On June 27, 2017 the City Council voted 5-0 to approve and extend the retention of Winstead PC for legal services in negotiating a long-term agreement and related matters with an affiliated minor league baseball team, with a not-to-exceed amount of $110,000. The minutes of that meeting record no council vote on the letter of intent itself. [3]
- Legal services cap
- $110,000