Title
Memorial Stadium Renovation Partnership
Action
Action:
Authorize the City Manager to negotiate and execute an Interlocal Agreement with Mecklenburg County for the City to fund up to $3 million for the preparation, acquisition, and installation of a synthetic field at Memorial Stadium
Body
Staff Resource(s):
Debra Campbell, City Manager's Office
Ron Kimble, City Manager's Office
Randy Harrington, Management and Financial Services
Explanation
* In March 2018 the Mecklenburg Board of County Commissioners approved a $31.7 million renovation plan for Memorial Stadium with a grass turf field. The renovation will result in:
* An approximate 12,450 total capacity,
* Preservation of the historic stone wall and Veterans' Memorials, and
* Enlargement of the playing field for all sports.
* The renovation plan included an opportunity for a City partnership to fund installation of a synthetic field to achieve the highest level of field accessibility and widest-variety of stadium community and hospitality and tourism use options without any required after-event "recovery downtime" associated with natural grass.
* Key terms of the interlocal agreement include:
* City to make a one-time capital payment of up to $3 million for the preparation, acquisition, and installation of a new playing field for the $30+ millions in improvements to Memorial Stadium
* Playing surface of new field to be "FIFA II" compliant
* City payment to be made as "project last money in" for documented playing field costs up to $3 million (increases the total renovation to $34.7 million).
* City/CRVA to receive five (5) rent-free use days each year for 15 years, but pays for out-of-pocket event expenses directly associated with hosted events.
* Source of City investment shall be Tourism funds, which are restricted for such purposes.
* Increasing the number of events at Memorial Stadium will have a significant economic impact. As an example, a recent economic impact analysis by the Ch...
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