A Friday news dump for the ages. The City of Austin has released a Term Sheet for discussion which outlines an agreement between PSV/MLS and the City to build a soccer stadium, and presumably relocate the Columbus Crew. I’m sitting here in a bar having a drink and trying to review a 25 page document on my iPhone. Additionally, some bullet points were released which outline the differences between the original PSV/MLS proposal and this one.
It’s gonna take awhile to go through this, so bear with me. Wow.
Edit: The biggest unresolved issue appears to be parking/light rail.
Looks like PSV is responsible for all construction costs/overruns, not including the above parking/transit issue.
No property taxes, as the City will “own” the property.
Proposed community benefits.
Stadium maintenance will be a big issue, given some of the alleged problems at Mapfre.
A few of the changes/concessions from the PSV/MLS initial proposal, including the difference between no rent payments, and an agreement to pay rent after year five.
So, the thing to keep in mind is that this is not the formal agreement, but it is generally necessary to draft one of these to comply with notice and public comment requirements (see: Beckham, David). Next Wednesday should be very interesting.