Amarillo Council take on $4.5 million debt to bring downtown ballpark up to new league standards
AMARILLO, Texas (KFDA) - Amarillo city council members voted today to take on about $4.5 million in debt to bring the downtown ballpark up to new league standards.
Assistant City Manager and Chief Financial Officer Laura Storrs said the city will use hotel occupancy tax, paid by guests, to pay it off.
The Amarillo Sod Poodles team and the Convention and Visitors Bureau will contribute. No property tax money will be needed.
Some areas of improvement mandated by Major League Baseball include locker rooms, dining and storage and expanding coverage of netting to protect fans from fly balls.
Steven Adams with Specialized Public Finance, which is handling the bond sales, said the city will pay an interest rated of 5.4 percent to eight investors.
The bonds will mature in 2043.
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