Hartford, Conn. (WTNH) – The city of Hartford today announced the creation of the Hartford Stadium Authority with the intent of reducing the cost of financing the construction of a minor league baseball stadium.
Mayor Pedro Segarra, Council President Shawn Wooden and Treasurer Adam Cloud say the Authority gives the project more public oversight and will save the city millions of dollars.
The Authority will be able to raise capital for the construction cost and issue revenue bonds for financing the construction of the stadium. The Authority will also be able to borrow money at a lower interest rate and lock in a lease payment and avoid three rate increases. The savings adds up to a minimum of $10 million dollars over the life of the project.