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WILMINGTON, NC (WECT) - The Wilmington City Council will take the next steps to fund a baseball stadium with bonds at their meeting on Tuesday.
In order to place the issue on the November ballot council will have to pass three resolutions at their next meeting including, applying for permission from the Local Government Commission to get approval to move forward.
The bond referendum will say that the costs of building the stadium will not exceed $42 million. That number comes from a draft feasibility study conducted by National Sports Services for the City and is considered to be the highest cost for the stadium.
In order to pay the debt from a $42 million stadium the city would have to raise property taxes by 3.5 cents per $100 of land value.
City Council will have the option of going with a cheaper stadium which would lower the tax increase.
Council will be given four other scenarios ranging from a $25 million stadium to a $37 million stadium. A stadium that costs $25 million would need a two-cent property tax increase to pay the debt off over 20 years.
City Council will discuss this issue at their next meeting which is Tuesday, July 10 at 6:30 p.m.
Copyright 2012 WECT. All