Revised Austin MLS Stadium Proposal Terms Released

Austin MLS stadium McKalla Place rendering 3

Revised terms for an Austin MLS stadium proposal have been released, adding some new details on the plan ahead of several key meetings. 

Austin officials and Precourt Sports Ventures continue to discuss a proposed new stadium for Columbus Crew SC, which is seeking to move to the city. Discussions have revolved around the city-owned McKalla Place in North Austin, where Crew investor-operator Anthony Precourt would construct a new stadium. The proposal still calls for Precourt to privately finance the $200 million stadium on the 24-acre site, but PSV and the city have negotiated some other terms.

The city would keep control of the site and PSV would not pay property taxes, but would lease the land for $550,000 annually after year five, or $8.25 million over the initial 20-year agreement. PSV would also provide a community benefits package valued at $95.9 million over 20 years. Those areas represent some changes from the original proposal–which called for PSV to lease the land for $1 annually, and a benefits package valued at $93.2 million over 20 years–and revised terms also cover several other areas. More from the Austin American-Statesman:

“The city took steps — and PSV agreed — to eliminate all city risk and out-of-pocket expense with the stadium construction,” Austin MLS lobbyist Richard Suttle, who works for PSV, said in a statement.

“PSV has also agreed to provide additional financial consideration to Austin for the use of the land, along with extensive community benefits that average over $3.2 million in direct cash investments annually, and agreements for the protection of nearby neighborhoods and businesses.”

The term sheet said the parties will work together on a traffic impact analysis and work with neighborhood groups and businesses to lessen the effects on their properties, but it did not go into much detail. There will be only 1,000 on-site parking places. The deal calls for the club to make efforts to develop transportation options and identify off-site parking.

Infrastructure upgrades are needed in the McKalla Place area, bordered by Braker Lane and Burnet Road, and PSV will commit to prepayment of rent for those improvements, although details remain vague.

The stadium would be developed as part of a larger project that also includes affordable housing units and green space. The initial agreement would be for 20 years, and the deal would also feature three 10-year renewals.

Late last month, the city council approved two resolutions relating to McKalla Place prior to taking a summer break. That included a resolution directing the city manager to analyze the proposal and undertake negotiations with PSV while soliciting community engagement, along with another that allows staff to receive other proposals for McKalla Place. With revised terms for the stadium deal in place, the city council will be discussing it considerably over the next two weeks. That includes a special meeting Wednesday, followed by a work session on August 7, and an August 9 meeting where a vote could take place.

Should the relocation plans move forward, the Crew would likely move to Austin for the 2019 MLS season and spend two years at an existing venue in the area before opening the new stadium in 2021. However, no plans to move the team have been finalized to this point.

Rendering courtesy Gensler Sports Practice.

RELATED STORIES: City Council Could Discuss Austin MLS Stadium Proposal Next Week; Group Eyes Public VoteAustin MLS Stadium Information Session to be Held This WeekAustin City Council Passes McKalla Place ResolutionsAffordable Housing Added to Austin MLS Stadium ProposalThursday Important Day for Austin MLS Stadium ProposalPSV: Columbus Crew SC Move to Austin Could be Jeopardized by McKalla ResolutionAustin City Council Debates McKalla Place MLS Stadium PitchOffer Made for McKalla Place DevelopmentAustin MLS Stadium Plans UnveiledNew Information Surfacing on Austin MLS Stadium PitchWho Should Pay for Light Rail at New Austin MLS Stadium?Site Concept Unveiled for Austin MLS Stadium at McKalla PlaceJudge Sets 90-Day Toll in Columbus Crew SC LawsuitPSV Looks to Reach Austin Stadium Agreement in JuneOhio, Columbus Counter Claims From MLS and Crew SCAffidavit: Prospective Crew SC Investor Never Signed Non-Disclosure AgreementMLS, Columbus Crew SC File Motion to Dismiss LawsuitCrew SC: We’d Open The Books for Interested BuyersAustin to Study McKalla Place for MLS StadiumPrecourt: New Austin MLS Stadium Will Generate $326M in BenefitsPrecourt: We’re Pursuing McKalla Place Stadium Site for CrewColumbus Crew SC, MLS Respond to LawsuitOhio, Columbus Sue to Block Columbus Crew SC MovePrecourt Still Exploring Austin Move for Columbus Crew SCColumbus Crew SC Will Continue to Explore Austin MoveParks Board Could Recommend Removing Guerrero Park MLS Stadium Site OptionsMcKalla Park Still on Table for Austin MLS Stadium SiteAustin MLS Stadium Site Discussion PostponedColumbus Crew SC Details Financial ConcernsAustin Chamber Backs City’s Columbus Crew SC PursuitOhio AG Explores Lawsuit to Keep Crew in Columbus

, , , ,

August Publications