The city of High Point, N.C., is moving ahead with a plan approved last year to raise money for a new minor league baseball stadium.
The city, which refers to itself as the Home Furnishings Capital of the World, is selling $35 million in bonds to finance the stadium, which the furniture manufacturing hub hopes will revitalize the city’s downtown
City Manager Greg Demko told Bloomberg the project will help fight a deteriorating economy. Specifically, Bloomberg reports that High Point’s downtown commercial tax base has declined 11 percent, or an estimated $250 million since 2008.
"The construction of a stadium is like an anchor for the revitalization and development of a downtown," Demko said. "What we’re really interested in is not necessarily the stadium but the development around it."
The bonds will supplement the $50 million in private funds raised by High Point University President Nido Qubein, which will be used to help buy the Bluefish, the minor league team that will play at the stadium, as well as to support the creation of projects near the stadium.
The stadium will seat about 5,000 people for baseball games and about 7,500 for concerts and other events. Project leaders say they hope to have it open in 2019.