The North Port, Florida Spring facility has a complicated group of funding sources, but a key one is now available for investors to buy in.
It happened a week ago, but a series of municipal bonds were issued from the West Villages Improvement District that will kick in nearly $14 million of the $110 million required to build the Atlanta Braves complex in SW Florida.
Even better – for that taxing district – the bonds were graded as “Aa2” by Moody’s Investor’s service. That’s the 3rd highest “quality” rating, which will keep the interest rate in check, probably in the 3.0% range or lower.
The funding sources for the facility are as follows:
- This $13.95 million from West Villages
- $20 million from the State of Florida
- $20 million from Sarasota County
- $4.7 million from the city of North Port
- $4.7 million from Mattamy Homes (the prime developer of the West Villages district)
- … and the Atlanta Braves, who get to pick up everything else, a cost that could hit $45 million or so (based on these numbers).
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The ground-breaking ceremony was held in October and – so far – everything is looking good for a ribbon-cutting in February 2019. An ambitious schedule, but there is a precedent for it: the Astros/Nationals new digs in West Palm managed to (barely) open in time this year after starting close to a month later than the Braves did.
As for 2018, there’s one more year at Disney World’s Wide World of Sports complex… but at least that will make Alex Anthopoulos’ young daughter Julia very happy.
Key dates upcoming:
- FEB 13 – Pitchers and Catchers report
- FEB 23 – Grapefruit League play begins
- MAR 29 – Season begins / home opener vs. Philadelphia
Information provided here came from a press release distributed to the media last week by the Tampa-based Chappell Roberts firm. Thank you kindly.