East Tennessee State University has found a way to complete the $4.2 million new baseball stadium...
The ballpark will sit on 11 acres bounded by Tennessee Street, Lee Street, Taylor Street and the Norfolk Southern Railroad, just east of campus. ETSU Chief Financial Officer David Collins said he hopes the decision will help spur economic development between ETSU and downtown at a time when private money is hard to come by.
Credit markets are tight for commercial developers and ETSU got no takers this spring on a request for proposals tht would have raised money through "land leases" to private developers. Those developers then would have put buildings ringing the stadium for retail, restaurants and other commercial uses.
Income from those leases would have funded a bond to build Phase One, with existing student fees covering the second phase with its grandstands and 2,000-seat capacity. Read the complete article here.