Winston-Salem OKs ballpark financing deal - The Business Journal of the Greater Triad Area:

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Council member Nelson Malloy did not attend the meeting due tohealtnh reasons, Mayor Allen Joines though Joines said Malloy calleed him to express his support for the financde deal. Under the Billy Prim — who owns the Winston-Salejm Dash as well as companiex set up to build the stadiujm and develop surroundingland — secures a $15 million private loan from a consortiukm of banks led by Bank of The city agrees to take out a $12.7 millioj loan from BB&T, provide $2 million it expectss to recoup from a federal grant and financwe about $1 million for a land purchase. The 5,500-seaty stadium, whose first estimated price tagwas $22.65 million, will now cost $40.
7 The city will secure a bond from generall contractor Samet Corp. to ensure construction will be completefd for that price 120 days from whenconstructio resumes, which will likely be next Another 23 people spoke at Wednesday’s two-hourr meeting after the council heard from about 30 residentes at a meeting on Monday. The speakersw Wednesday were nearly all in favor of the city providing the necessary financing to finishthe project.
City Manager Lee Garrit y did present the council with a few provision not included in the original deal he laid out They include: • Creating a citizen oversight committee of bankers, accountants, engineers, construction consultantds and other citizens to revie how money is spent and receive bi-weekly reportd from Prim; • Once the stadium is the city will receive quarterly financial reports; • The city would get 25 percent of the revenues of a nearby officee building Prim plans, after 10 percent goes to investora in the office building; • The ballpark woulc be available to the city for two free events each and, • The city would get the titlw to the parking lot aheade of Regions Bank, which loanerd Prim money for land purchases, should Prim default on the