BearsTruth Board

I say we have our own groundbreaking ceremony. Go down the day of, pregame at Georges, then head over for ceremony but have everyone wear a suit and bring your own shovel and hard hat. Who in their right mind would try to turn away a bunch of guys with shovels who've been drinking?

The BBF should take advantage of this momentum by making a bold appearance at the ceremony, and pitch a tent, complete with green/gold balloons, music, etc. - and begin selling 2014 season tickets! But, you have to have 2013 season tickets to qualify.

TIF board OKs $35 million contribution to Baylor stadium

By J.B. SMITH
jbsmith@wacotrib.com

A $35 million public contribution to the Baylor University stadium project passed the downtown Tax Increment Financing Zone No. 1 board unanimously Wednesday and now heads to Waco City Council for final approval.

The funding would aid public improvements associated with the stadium, such as roads, sewer pipes and power lines, as well as a public marina and $13 million footbridge over the Brazos River.

The $35 million represents the biggest economic development contribution in McLennan County history and exceeds all prior funding the TIF Zone has granted in its 30-year existence.
Waco City Council is set to vote on the package Tuesday, three days before the Baylor Board of Regents is expected to give its final approval to the $250 million stadium.

The TIF funding “is not only vital but required to make the project a reality,”Reagan Ramsower, Baylor vice president for finance and administration,told the TIF board Wednesday. He said Baylor is hoping to raise $100 million in private donations, then issue university-backed bonds for $100 million to $120 million. The public money, which would be paid out across 10 years, could get the project to the finish line, he said.

Ramsower called the 45,000-seat stadium the “front porch” for Baylor and downtown Waco.

“Aside from the economic impact, this project will bring quality of life benefits to everyone in Waco,” he said, noting the opportunity to beautify the riverfront and expand water recreation on the Brazos.

The proposal passed the TIF Zone board by a 6-0 vote, but it must be ratified by the city council.

The TIF Zone receives a portion of property taxes from the downtown and river corridor areas and reinvests it as public improvements and incentives for redevelopment.

The TIF board includes representatives from all four taxing entities involved: Waco Independent School District, McLennan Community College, McLennan County and the city of Waco.

WISD Superintendent Bonny Cain, who sits on the board, said she thinks the stadium will create big opportunities for commercial development along Interstate 35 and the Brazos River. “It will bring people in to stay in Waco who will want to go shopping and go out to eat,” she said.

Tax revenue

The TIF Zone gets tax revenue that is created when new taxable property value is added within its boundaries. The stadium itself is expected to be tax-exempt, but board members said spinoff development will contribute to the tax base.

“We’re expecting to facilitate development, such as a significant hotel project,” board member Heyward Taylor said. He said this is a unique opportunity to leverage public funding, which will represent about 14 percent of the total cost of the stadium project.

Before the vote, board chairman Anthony Peña questioned Ramsower about the net community benefit of closing the stadium on South Valley Mills Drive and opening a new one.

Ramsower said the new stadium will effectively be an on-campus stadium and will be more attractive for visitors considering whether to spend an entire weekend in Waco.

The new stadium also will include indoor spaces that can host community gatherings of up to 400 people. Ramsower said he expects the stadium to be used year-round for high school sports, concerts and community events.

He said Floyd Casey Stadium likely will be demolished and the land redeveloped.

After his vote for the stadium funding, Peña said he still is concerned about the potential economic loss to South Waco but hopes it can be offset by new development there.

Waco Mayor Malcolm Duncan Jr., who attends most TIF meetings, said the TIF board’s unanimous support puts the proposal in a strong position to be approved by the council.

He said he has heard support and opposition from the community since the proposal was made public Tuesday, but he thinks most Waco residents want the city to assist the stadium project.

The city also is planning to help Baylor by pitching in about $1.5 million toward the $11.7 million project to widen Martin Luther King Jr. Boulevard from I-35 to LaSalle Avenue. The new state road, called Loop 574, would be the main access to the stadium.

Also, the Texas Department of Transportation is expediting construction of the new I-35 frontage bridges over the Brazos River, aiming to finish them by the first home game in August 2014.

Baylor’s application for TIF funding included the most detailed breakdown yet of how the $250 million would be spent.

Among the highlights:

*  $133.5 million for the stadium structure, including $13.7 million for foundation work, $29.7 million for the superstructure, $10 million for the exterior enclosure, $1.2 million for roofing and $10.2 million for the canopy.

*  $20.2 million for sitework, including $3 million for water and sewer utilities and $700,000 for a pedestrian bridge that will connect to the boating basin.

*  $3.6 million to move Oncor’s giant electrical transmission towers off the proposed stadium site.

" $3.6 million to move Oncor’s giant electrical transmission towers off the proposed stadium site. "

Is that the substation? or am I misunderstanding?

Any chance they'll bring the original bear that adorned the entrance to Baylor Stadium and incorporate it into the new stadium. Us old farts would love that.

I thought it was the substation at first too, but rereading it, it sounds like they're talking about the removal of the big towers that are on the site; not the substation. I think we're stuck with the substation for a good while unless someone comes along wanting to develop the land and will offer to assist with the cost of moving it.