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Tuesday, June 16, 2009

News Six Options for Lents Stadium Funding

Posted by Sarah Mirk on Tue, Jun 16, 2009 at 1:27 PM

The Lents Urban Renewal Advisory Committee is slated to vote this week on whether the neighborhood should fund a Triple-A baseball stadium in Lents Park with urban renewal money. Until now the debate has circled around directing $42 million from the Lents urban renewal coffers for the stadium, but the city released a proposal (pdf) last night that asks the urban renewal group to approve one of six possible scenarios.

The new scenarios could provide an out for neighbors who are queasy about Lents picking up a $42 million tab for the stadium. Instead, two options dip into the Central City urban renewal fund for part of the public cost. ("TIF" is "tax-increment financing" — the money earned off of an urban renewal area's low tax rate.)

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Six of the fifteen URAC members were on the record several weeks ago against spending $42 million on the stadium and most of the remaining members have said they are undecided on the deal. These cheaper scenarios for Lents could tip some URAC members in favor of the investment.

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