The city of Hartford has created a recreational facilities authority to help finance construction of a minor-league baseball stadium in the Downtown North neighborhood.
A news release from the mayor's office said the Hartford Stadium Authority is projected to save the city at least $10 million throughout the construction process.
The Stadium Authority will issue revenue bonds to help cover the cost of construction and "will be able to borrow at a more favorable interest rate" than the city would otherwise be able to do, according to the mayor's office.
Lease payments will also remain fixed instead of increasing periodically, as previously agreed upon.
“Implementing this revised structure provides additional protection to the City, its taxpayers and is more cost effective in the long run,” Hartford Mayor Pedro Segarra and City Council President Shawn Wooden said in a joint statement issued Friday. "The goal of the redevelopment of Downtown North is to bring more revenue, vibrancy and jobs to the City of Hartford. This proposal is a result of collaboration among city council, the treasurer’s office and the administration whose primary goal is to strengthen this project and move the capital city forward.”
The city will address the Downtown North project at a public hearing on Jan. 8.