Tuesday, March 30, 2004
Stadium Plan May cost $343 Million, Fraim Says.
Having earlier claimed that a major league park could be constructed for $300 million, Norfolk Mayor Paul D. Fraim now tells the Virginian-Pilot that the 38,000-seat facility, with 3,000 club seats and 60 luxury boxes, would cost about $343 million.
He also insists that $225 million of this sum could be raised through tax increment financing: taxes on "new" revenues generated by the team, including sales taxes and taxes on admissions, player salaries and corporate income. The remainder would come from the major league team occupying the facility, which would be asked to pay rent of $10 million/year for 32 years.
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Having earlier claimed that a major league park could be constructed for $300 million, Norfolk Mayor Paul D. Fraim now tells the Virginian-Pilot that the 38,000-seat facility, with 3,000 club seats and 60 luxury boxes, would cost about $343 million.
He also insists that $225 million of this sum could be raised through tax increment financing: taxes on "new" revenues generated by the team, including sales taxes and taxes on admissions, player salaries and corporate income. The remainder would come from the major league team occupying the facility, which would be asked to pay rent of $10 million/year for 32 years.
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