On Friday, Sept. 14, the City of Wilmington released a statement that its negotiations with Mandalay Baseball and the Atlanta Braves to built a stadium to house a minor league baseball team reached a point where the two sides could agree on the terms of the latest Memorandum of Understanding.
Changes outlined in the MOU draft that amends previous plans for the stadium include an increased total number of seats of 6,200 from 5,500.
As stated in the MOU draft:
-The total cost of building the stadium will not exceed $31 million, but if it does, the City and the Operator (Mandalay and the Braves) could both contribute matching funds up to $250,000 a piece.
-The site for the stadium should be at least 7 acres and can include a 1.5-acre city park in addition.
-The total cost of the site acquisition and remediation must not exceed $6 million, with any overruns being paid for by the City.
-The cost for site acquisition and remediation ($6 million) will be paid back to the City by the Operator in the form of an annual rent of $300,000 for the entirety of the 20 year lease agreement.
-The Operator will pay the City $500,000 annually, including the rent, for the exclusive right to manage and operate the facility.
-Stadium seating will be broken down into: 1,000 picnic plaza seats, 4,500 lower bowl seats and 700 upper bowl seats.
-Any overruns on the development of the stadium caused by change orders submitted or required by the Operator will be paid for by the Operator. Likewise, any such changes required by the City that cause overruns will be paid for by the City.
-The City will be responsible to choosing the stadium architect, subject to the reasonable approval of the Operator and the City will have the right to approve the stadium's exterior design.
-The Operator will receive all revenues from the management, operation and use of the stadium except for events sponsored by the City, in which case the City will receive all of the revenues associated with those events.
-Second to the home games of the Atlanta Braves-affiliated minor league team to be brought to Wilmington, the North Carolina Azalea Festival will have priority over all other events for the use of the stadium.
