Mayor Mike Fahey and MECA are now officially on the same page.
Monday morning, the Metropolitan Entertainment Convention Authority (MECA) approved an agreement with the Omaha mayor that would allow the city to build a new downtown baseball stadium.
The agreement notes some changes from the original proposal, but there will be no change to the projected $140 million price tag for the new stadium, which will be paid for through private funding, stadium revenues and increases in hotel and car rental taxes.
The city will have to create two funds that were not in the original plan. One is a $5 million capital improvement fund for future stadium repairs, a fund similar to one currently in place for the Qwest Center and Hilton hotel. The city must contribute a minimum of $250,000 annually to this fund, and any profits from the stadium that are not needed to cover construction debt would also go into this fund.
The second fund is a debt reserve fund that would be used to make debt payments on the stadium if planned revenue sources come up short.
Officials said that these additional funds would not create an additional tax burden, because the original plan had a $19 million funding cushion that would cover items such as this.
Parking was also addressed in the agreement, and the city will create 369 additional stalls, an increase from the 100 stated in the original proposal.
To do that, the city will convert an area on Capitol Avenue from 10th to 12th streets into a 509-space parking lot. They would have to acquire two properties along that stretch for the parking, which will eventually be converted to hotel space by MECA.
The city will also purchase 10 acres from Gallup, located northeast of the convention center, to expand parking for an additional 600 spaces, and expand another lot southeast of the arena. Two city lots with 153 spaces, located under Interstate 480, would come under MECA's control.
The next step in the process will come next week when Fahey and other local officials sit down with the NCAA in their Indianapolis headquarters to hammer out a long-term agreement to keep the College World Series in Omaha. Currently, the NCAA is committed to playing the College World Series at Rosenblatt Stadium through 2010, but city officials are hoping to get an agreement of as long as 30 years to host the tournament at the new stadium.
Once that agreement is reached, it will fall upon the shoulders of the Omaha City Council to approve the required items to make the stadium a reality. If all goes as planned, the stadium would be ready for the start of the 2011 season and would be used by Creighton University and the Omaha Royals, the Triple-A affiliate of the Kansas City Royals.