A deal for a potential permanent MLS stadium in Austin, TX between the city and Precourt Sports Ventures is beginning to take shape.
A term sheet for a stadium at McKalla Place, a 24-acre plot owned by the city, was released Friday evening, detailing the stipulations of the deal.
PSV has been scheming to relocate the Columbus Crew SC to Austin for a while now.
The permanent Austin stadium wouldn’t be complete until the 2021 season.
Columbus Business First reports the team would play at a temporary stadium beginning in 2019.
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- The 20,000-21,000-seat stadium would be privately financed and donated to the city upon completion.
- The site is expected to feature more than eight acres of green space and 130 affordable-housing units.
- PSV would lease city-owned stadium for an initial 20-year term with three possibilities for 10-year renewals.
- Rent payments of $550,000 would begin in the sixth year – and would total $8.25 million over the first 20 years.
- A non-relocation clause, a city priority after PSV’s efforts to leave Columbus, would be included.
- Both the city and PSV would work on a Transportation and Parking Plan, as well as figuring out how to pay for a Capital Metropolitan Transportation Authority rail station at the stadium site.
- The club would distribute 1,000 complimentary seats for each regular season game on average, with 100 of them going to the city of Austin to distribute as it sees fit.
- Both sides expect a stadium would remain exempt from property taxes as a city-owned site.
- Both sides would work to locate a permanent club headquarters in Austin city limits and keep “Austin” in the club name.
- They’d make an agreement on community benefits, including affordable housing, complimentary tickets, charitable contributions and fundraising opportunities.