High Point city officials chose to move forward with a new financial plan for their proposed downtown baseball stadium.The stadium is estimated to cost $35 million.
High Point Financial Director, Jeff Moore says although financial plans have changed a bit, there's still a need for the stadium.
“The stadium is the catalyst that can spark the kind of additional development and increased property taxes across not only development area but also ripple effect across the city,” he said.
The original plan had Guilford County participating financially with the project, but the Guilford County commission chose to table funding plans for the project for 30 to 90 days last month.
Moore said in spite of this, the new plan won’t change the cost for the stadium.
“The project timeline becomes cash flow positive on an annual basis, extends to nine years from the five... and it takes about 22 years to pay for itself,” he said.
At their December meeting, council members will decide if this plan or their original plan is appropriate in moving forward with the project.
