- Posted by Drew Epperley
- On April 13, 2010
- 0 Comments
- Dynamo Stadium, Houston Dynamo Stadium
Another test down for the Houston Dynamo Stadium deal. Today Harris County Commissioners Court unanimously approved their end of the deal as they become partners with the City of Houston and the Harris County-Houston Sports Authority in building a new stadium for the Dynamo east of downtown.
Dynamo ownership will provide the $60 million for construction costs, while the city and county will each provide $10 million for infrastructure.
The money paid by the city and county will come from taxes generated by the stadium complex and its surrounding area that would not exist otherwise. That area is known as a tax increment reinvestment zone, or TIRZ, created by the city and joined by the county.
The city has already purchased the 12 acres that will be used for the project at a cost of $15 million. The county will reimburse the city one-half of that cost to gain an equal ownership share.
This announcement is great news for the league and the Dynamo. It seems like all the pieces are falling into place rather quickly for this club to start building here. Once we hear word that shovels will be in the ground we’ll let you know!