Fayetteville’s proposed $33 million Single-A baseball stadium will be built on city-owned property behind the former Prince Charles Hotel without a residential property-tax increase. The ballpark’s construction cost is tied to several funding sources as shown in the pie chart to the right. The Fayetteville City Council will own the facility, which will be operated under contract with the Houston Astros. Both parties have agreed to a 30-year lease. “The private development will be outlined in the master development agreement with the city and private developers,” said City Councilman Kirk deViere. He chaired the subcommittee that came up with the plan.
The funding model for the stadium includes investment from the city, county and private sector. County Commissioners unanimously approved their participation in the project last week.
“This is a great example of how the city and county can work together for economic growth. This project will have an annual impact of over $7 million dollars and over $20 million dollars during construction,” deViere added.
City and County governments will use tax increment financing of revenues earned from new construction added to the tax rolls in the specified district adjacent to the stadium
A major part of the overall project is renovation of the former Prince Charles Hotel behind which the stadium will be built. New owners of the hotel plan to spend $15 million in renovations to build 62 apartments and a luxury penthouse on the eighth floor. PCH Holdings also has a memorandum of understanding with the city to develop property immediately surrounding the ballpark.