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Council approves LOI to negotiate Midtown baseball and hospitality project; staff to seek feasibility and finance details
Summary
Council unanimously approved a letter of intent Feb. 26 to begin negotiating an economic development agreement and lease for a proposed nine‑field baseball/softball complex and hospitality component in the Midtown Business Park; the LOI includes up to $20 million in city reimbursement for public improvements and a 10‑year tax abatement for the complex side.
The City Council voted Feb. 26 to approve a letter of intent (LOI) to begin negotiating agreements with Station Baseball LLC for a proposed baseball and softball complex within the Midtown Business Park.
Michael Ostrovsky outlined LOI basics: the project would occupy roughly 90 acres inside the Midtown parcel the city owns. The developer would lease about 63 acres for the sports complex on a 50‑year lease with a 10‑year extension option; a roughly 30‑acre hospitality/amenity parcel would be sold for development at a negotiated price (the LOI lists $20,000 per acre as a starting figure). Staff noted the last undeveloped appraisal for the Midtown acreage was about $150,000 per acre.
Key city incentives in the LOI: up to $20 million in…
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