The city of Richmond Va, the Virginia Commonwealth University (VCU) and the Richmond Flying Squirrels have signed a memorandum of understanding (MOU) regarding a new ballpark in Richmond. It would be a boulevard area ballpark with a price tag of $50 MM – $60 MM. This was all presented in yesterday’s press release of the city of Richmond.
A MOU is anything but final. It is merely an loose agreement. But in this case it is an important step forward as the city of Richmond kept lingering about a location and even adviced the Flying Squirrels to look elsewhere.
The agreement is about the construction and the development terms:
All parties think that the best location is city-owned North Side land bounded by North Boulevard and Hermitage Road, close to the current stadium of the team. The construction costs will be around $50 -$60 million. But since the Flying Squirrels and VCU will be the main users, they will pay the biggest share of that amount.
The new ballpark will be designed in a way that it can host non sporting events as well.
Of course all parties are happy. “The Flying Squirrels are excited by the progress and spirit of cooperation that is evidenced by this new agreement. We look forward to playing our games in a new ballpark, as tenants in a Boulevard area that is being economically developed to best serve the interests of our Greater Richmond community, neighbors and fans,” said Flying Squirrels President Lou DiBella.
There may be one tiny problem with the projected location. Currently it is state owned and central office and distribution center by the Department of Alcoholic Beverage Control. So it remains to be seen if the state of Virginia is willing to donate the ground, rent it or is willing to sell it.
If the stadium will be built, the Flying Squirrels will commit themselves to stay in Richmond for at least thirty years.