City officials have negotiated terms with Town Madison developers to solidify a successful destination venue, anchored by AA baseball.
Within the terms, the City agrees to support the District’s new funding request at $40 million, increased by $18 million from original $22 million. The agreement also details a 5.47% interest rate, down from the original 10%. Interest that has been accruing since 2014 at 10% will be recalculated at the new 5.47% rate. Additionally, revenue generated from Town Madison would go directly to help with the City’s venue bond payment. In the agreement, the Developer has responsibility to handle construction and installation of infrastructure, including the full I-565 interchange, the venue parking lot, perimeter road, sewer lift station and other key infrastructure to support the venue.
“This agreement clears the way for a state of the art baseball stadium and multi-use venue at Town Madison and allows us to complete the infrastructure needed to create a truly regional retail and entertainment destination.” said Louis Breland. “We have already begun construction on over $100 million of new projects at Town Madison and the addition of a modern baseball stadium will help make Town Madison north Alabama’s destination for new restaurants, entertainment options and retailers.”
“Completing this last piece of the puzzle solidifies our ability in bringing AA baseball to Madison. It’s exciting to think that in two years time we will have a premiere destination multi-use venue that will attract visitors from all of North Alabama and Southern Tennessee.” says Mayor Paul Finley.
The Town Madison Infrastructure Agreement will be presented to City Council for consideration on Monday, March 12th.
Read the full documents HERE and HERE.