08-30-2017, 03:27 PM
https://www.bizjournals.com/birmingham/n...oject.html
Highlights:
Tad Snider, executive director and CEO of the BJCC, said his organization has continued to work with stakeholders, including the city of Birmingham, Jefferson County and the private sector about a stadium and what a financing plan would look like.
"We've made a lot of progress toward that. I wouldn't say we are there yet, but we've made progress fueled by the fact that UAB football is returning," he said. "I think it's top of mind for everyone to try to get this deal put together sooner rather than later, and that's what we're working toward – trying to finalize that funding model."
Snider said it's important to get the BJCC renovation and the stadium completed at one time, rather than separating them into multiple phases from a funding standpoint.
Snider said building the stadium or making major renovations to the BJCC concurrently with the Interstate 20/59 bridge replacement project could offer a benefit in terms of minimizing long-term traffic delays.
"if there's an opportunity to complete some of these things within that same time window, where we don't come out of the impact of road construction and undergo more construction – if there's a way to make those things align – that's a goal," Snider said.
While Snider said it would probably be an aggressive goal to complete a new stadium prior to the completion of the bridge project, he said completing the bulk of the most disruptive work by the end of the bridge project is a possibility.
He said the BJCC has been in contact with ALDOT about the potential stadium project and how it would relate to the bridge project.
The new downtown bridges are currently estimated to be completed in 2020, but Snider said there is not currently a timeline for when a stadium could be completed.
From the BJCCA's perspective, Snider said a municipal bond offering is a likely funding approach.
"We're still trying to figure out the best way to structure that debt piece to get the maximum yield for the amount of pledged revenues," Snider said.
A naming rights deal is another potential source of funding.
Snider said the BJCCA has a good idea about revenue potential from a naming rights sponsor, but said actual discussions with potential sponsors would likely intensify down the road.
Both the city of Birmingham and Jefferson County are widely expected to participate in funding the project.
Jefferson County Commission President Jimmie Stephens, who serves on the BJCCA's board of directors, said the project would be good for the city, the county and the entire region.
"It's going to add to the attractiveness and make it more of a destination venue," he said.
He reiterated the importance of doing the stadium along with the Legacy Arena renovation, rather than doing a stadium as part of a second phase.
During the mayoral debate hosted by the BBJ and WBHM, both Mayor William Bell and Randall Woodfin – the two candidates squaring off in the mayor's race – expressed a level of support for the project. The Birmingham City Council will be another critical part of the equation.
On the events front, he said the stadium would have an impact that stretches beyond football games. He said it would open up Birmingham to host events like outdoor MotoCross, monster truck and extreme sports. Birmingham already hosts indoor versions of many of those events, but outdoor versions would allow even higher attendance.
It would also create another metro Birmingham venue for large outdoor concerts.
Snider said early season neutral-site college football games also could be on the docket.
"Once the project solidifies where we have something to be able to actively market, (neutral-site games) will absolutely be part of the mix," he said.
Highlights:
Tad Snider, executive director and CEO of the BJCC, said his organization has continued to work with stakeholders, including the city of Birmingham, Jefferson County and the private sector about a stadium and what a financing plan would look like.
"We've made a lot of progress toward that. I wouldn't say we are there yet, but we've made progress fueled by the fact that UAB football is returning," he said. "I think it's top of mind for everyone to try to get this deal put together sooner rather than later, and that's what we're working toward – trying to finalize that funding model."
Snider said it's important to get the BJCC renovation and the stadium completed at one time, rather than separating them into multiple phases from a funding standpoint.
Snider said building the stadium or making major renovations to the BJCC concurrently with the Interstate 20/59 bridge replacement project could offer a benefit in terms of minimizing long-term traffic delays.
"if there's an opportunity to complete some of these things within that same time window, where we don't come out of the impact of road construction and undergo more construction – if there's a way to make those things align – that's a goal," Snider said.
While Snider said it would probably be an aggressive goal to complete a new stadium prior to the completion of the bridge project, he said completing the bulk of the most disruptive work by the end of the bridge project is a possibility.
He said the BJCC has been in contact with ALDOT about the potential stadium project and how it would relate to the bridge project.
The new downtown bridges are currently estimated to be completed in 2020, but Snider said there is not currently a timeline for when a stadium could be completed.
From the BJCCA's perspective, Snider said a municipal bond offering is a likely funding approach.
"We're still trying to figure out the best way to structure that debt piece to get the maximum yield for the amount of pledged revenues," Snider said.
A naming rights deal is another potential source of funding.
Snider said the BJCCA has a good idea about revenue potential from a naming rights sponsor, but said actual discussions with potential sponsors would likely intensify down the road.
Both the city of Birmingham and Jefferson County are widely expected to participate in funding the project.
Jefferson County Commission President Jimmie Stephens, who serves on the BJCCA's board of directors, said the project would be good for the city, the county and the entire region.
"It's going to add to the attractiveness and make it more of a destination venue," he said.
He reiterated the importance of doing the stadium along with the Legacy Arena renovation, rather than doing a stadium as part of a second phase.
During the mayoral debate hosted by the BBJ and WBHM, both Mayor William Bell and Randall Woodfin – the two candidates squaring off in the mayor's race – expressed a level of support for the project. The Birmingham City Council will be another critical part of the equation.
On the events front, he said the stadium would have an impact that stretches beyond football games. He said it would open up Birmingham to host events like outdoor MotoCross, monster truck and extreme sports. Birmingham already hosts indoor versions of many of those events, but outdoor versions would allow even higher attendance.
It would also create another metro Birmingham venue for large outdoor concerts.
Snider said early season neutral-site college football games also could be on the docket.
"Once the project solidifies where we have something to be able to actively market, (neutral-site games) will absolutely be part of the mix," he said.