Akron, Ohio, and the Summit County Port Authority plan to issue $3.5 million of tax-exempt debt as part of a lease deal aimed at keeping the city's minor-league baseball team in the downtown stadium.
The Akron City Council last week approved a 25-year lease with the Aeros, a minor-league affiliate of the Cleveland Indians in the Class AA Eastern League. The lease deal was part of the sale of the team to a local businessman.
The deal calls for $3.5 million of improvements to 15-year-old Canal Park, which will come from the bond proceeds, according to a local report. Mayor Don Plusquellic said the deal is a good one for the city.