Tulsa Mayor Kathy Taylor said Saturday that she and the owner of the Tulsa Drillers minor league baseball team have reached an agreement in principal for the Class AA Texas League team to play in a publicly owned and financed stadium downtown.
The City Council will be asked to approve a final lease agreement on Thursday.
The proposed $60 million project includes a multipurpose baseball stadium and the redevelopment of land surrounding the site in the city’s historic Greenwood neighborhood. The facility is to be completed in 2010.
Financing includes $25 million of bonds supported by assessments on property within a business improvement district near the ballpark, $5 million from the team’s lease payments, and $30 million in private sector contributions.
Taylor said the new stadium will be an important part of Tulsa’s downtown development efforts.
“I am thrilled that we were able to reach a mutually beneficial agreement that will really super-charge our exciting development and revitalization efforts in the area,” the mayor said. “This new ballpark and the associated development activity will provide long-term new sales tax revenue streams that our city desperately needs to address our many requirements.”
