http://www.chron.com/disp/story.mpl/sports/6405166.html
Dynamo pushing ahead with stadium
May emerges as critical month to solidify plans
By BERNARDO FALLAS Copyright 2009 Houston Chronicle
May 3, 2009, 12:45AM
An artist’s rendering of the Dynamo’s proposed new downtown stadium.
Oliver Luck’s spacious 34th-floor corner office is cluttered with plans and renderings of what the Dynamo and their president envision Houston’s new soccer stadium will look like less than two years from now.
A slick, intimate, futuristic-looking building with orange accents. Sold out, of course.
Meanwhile, across downtown and just east of U.S. 59, a city-owned, six-block tract of land, the proposed site of the stadium, is flat and empty, awaiting a required archeological excavation to begin next week.
Indeed, after months of negotiations, the proposed stadium looks closer to reality, if only because of these and other subtle signs and developments. But not before deals are reached with two key players — the city of Houston and Harris County.
With that in mind and time against them, the Dynamo view this month as pivotal in their quest to go from a routine archeological dig to a bowl excavation and from renderings to the real thing — all the while staying on schedule and on budget.
“May is a make-or-break month,” Luck said. “In the sense that it is important we get into this building by 2011.
“To use a soccer analogy, we’re in extra time now.”
Targeting 2011
The Dynamo want to have the roughly $85 million, 22,000-seat stadium ready for opening day 2011. They envision an all-round two-level, all-seater venue with 34 suites, 86 concession point-of-sales, a 3,000 square-foot club level and a party deck on the southeast corner.
Plans also call for at least one canopy (west stands) and a stage (permanent or removable) on the south end. The field would be 13 feet below street level. The first seating level would be set on concrete, with aluminum for the upper level.
For it to be ready on schedule, work on the 16- to 18-month project would have to start no later than this fall.
For that to happen, Luck said, the team will need to complete its financing package agreement with the city and have the county, by way of Commissioners Court, vote in favor of contributing $10 million to the project (an amount similar to what the city would contribute) by joining the city’s East Downtown Tax Increment Reinvestment Zone, which includes the site.
“No one wants to commit until all the financing is lined up,” Luck said.
Dynamo ownership is willing to incur 75 percent (approximately $60 million) of the stadium cost, with the rest of the financing coming from the TIRZ ($20 million total) as well as federal tax credits and incentives. Another reason May is key.
“Some of these federal programs have deadlines, if you will,” Luck said.
A weak economy made it difficult for the Dynamo to secure financing, but it has yielded favorable conditions for building a stadium and keeping it on budget. Prices of commodities have gone down, and the construction industry is hungry for work.
City, check
The Dynamo could check the city off their to-do list this month. The city and team ownership have concurred the parties are close on most points. Getting the county on board might take longer. Though discussions are ongoing, there has been no signal from the county commissioners suggesting the issue will be added to Commissioners Court agenda any time soon.
Commissioners Court protocol dictates that formal proposals to participate in such projects must come from the commissioner whose precinct would be affected. The TIRZ — and the proposed stadium site — are mostly in County Commissioner El Franco Lee’s precinct, with a portion in Sylvia Garcia’s precinct.
Still, the Dynamo have reasons to remain confident.
Team ownership secured financing to cover what it hopes the city and the county will contribute to the project. BBVA Compass has agreed to loan the Dynamo the money and accept payments on most of that debt by the TIRZ.
And the Dynamo have expressed their desire to work with the county on a set of conditions set forth by Garcia and Lee.
Texas Southern University has expressed interest in investing in the project in exchange for the rights to use of the facility for its football team.
The city invested $15.5 million and swapped a parcel of land to secure the six-block tract of land near the corner of Texas and Dowling streets that would house the stadium.
“Our sense is that the project, the fact we’re investing a good bit of money at a time when a lot of companies aren’t, speaks for itself,” Luck said. “It should hopefully sway the city and the county to get this resolved.”
bernardo.fallas@chron.com