A day before a significant public hearing on whether to build a new minor league baseball stadium in the city of Hartford, Mayor Pedro Segarra has released new numbers explaining just how much it will cost.
We’ll have more analysis in the coming days, but we wanted to get the information out. So, here they are – a letter from the mayor’s officeexplaining the numbers, and the numbers themselves.
Here's the big number: the city will pay $4.267 million a year to lease the ballpark from the developers. That fee will increase over time. It will then sublease the stadium to the New Britain Rock Cats for $250,000 a year. The city hopes to make back some of that lease payment in other ways -- including parking fees, naming rights, and an admissions tax.
Stay tuned for more tomorrow.
UPDATE: The city has provided a revised municipal cash flow analysis.
