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Old Posted Sep 1, 2012, 10:47 PM
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Regents reveal goals for new stadium, plan for the old

By Linda Wilkins
August 20, 2012

Construction is under way on the new Baylor Stadium after a $35 million contribution from the Waco City Council passed unanimously. The first vote took place July 17. Both votes unanimously supported contributing the TIF funds which includes the public contribution. The Waco City Council voted Aug. 7 during a public hearing to provide the Tax Increment Financing Zone funds to the stadium project, which was the second of two required votes. According to Dr. Reagan Ramsower, Baylor’s senior vice president for operations and chief financial officer, the TIF funds will be used to build a portion of public infrastructure around the stadium, such as harbors, utilities, parking, bridges, electrical lines and a new marina. In addition to the Waco City Council votes, the Baylor Regents also voted to move forward with the stadium project, with the condition the Waco City Council approved the funds during the second vote, Ramsower said. The regent vote took place July 19. In a July 20 press release, Baylor regent chairman Richard Willis said, “The Baylor Stadium complex will be a tremendous asset for both Baylor and the greater Waco community. We’re proud to be partnering with the city in this remarkable project.” According to Waco Mayor Malcolm Duncan, the TIF funds, begun in 1982, are intended for building public infrastructure. He also said the money for the stadium project is not coming from new taxes; the funds are an accumulation of money from increased property taxes since TIF began.
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