State Gives its $7 Million for Stadium
With the start of the Southern Maryland Blue Crabs’ inaugural season less than three months away, Governor Martin O’Malley recently announced Board of Public Works approval of a $7 million matching State grant for the design and construction of the new Southern Maryland baseball stadium. The home opener is scheduled for May 2, 2008.
“Working together, the State of Maryland and the residents and community leaders of Charles County are moving forward with one of the most exciting and largest economic development projects in Southern Maryland,” said Governor O’Malley. “This new stadium will generate new jobs, become a tourist attraction for our State and region, and improve the quality of life that we all enjoy as Marylanders.”
State economic development officials have estimated that baseball and other events at the stadium will create at least 230 new jobs and generate an estimated $27 million annually in spending in Charles County. In addition to baseball, the County hopes the stadium – located in St. Charles – will be a venue for concerts, community gatherings and other sporting events throughout the year.
Last summer, Governor O’Malley attended the groundbreaking of the Regency Furniture Stadium and Entertainment Complex, along with local elected officials from Charles, Calvert, and St. Mary’s counties. The $26.5 million, 4,500-seat project is financed by a combination of funding from Charles County, the State and Opening Day Partners, LLC, the corporate owner of the team.
In a controversial move at the end of June, the County agreed to allow Opening Day Partners to add its third of the construction costs to the amount the County will borrow via bond. The developers will make payments for their $8.5 million share directly to the County and be able to take advantage of the County’s access to financing sources with cheaper interest rates than are generally available to businesses.
In return Opening Day Partners has agreed to give the county an extra $1 million toward the project’s contingency fund. They were not required to provide any additional collateral; and they declined to provide the County with information on the company’s financial health.
The ballpark architect is Tetra Tech, Inc. of Wilmington, Delaware, which also designed the minor league ballparks in Aberdeen (Ripken Stadium) and Salisbury (Perdue Stadium). The Maryland Stadium Authority was selected as the project manager, while Skanska USA Building Inc., of Rockville is the construction manager. Minority Business participation on the construction project is 26 percent.
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