LEAGUE CITY — This year, the city of League City will pay about $1.4 million in debt service for money borrowed to build the Big League Dreams Sports Park, which opened in 2005.
This is the highest debt service payment the city will have to make. Payments will decrease each year until the debt is paid off in 2033, said Rebecca Underhill, the city’s director of finance.
But while the city pays out about $1 million a year for the park, the company operating the six-field ballpark does make yearly payments to the city.
And an additional benefit, said Jeff Odekirk, Big League Dreams cofounder and chief operating officer, is that the city is saving on the maintenance and operating costs of the facility, which has six scaled-down replicas of Major League Baseball fields.
The complex has often been debated. Originally planned at a cost of almost $14 million, it eventually cost $22.6 million to build.
The city borrowed almost $18 million to pay for it and still has $14 million in principal left to pay back, Underhill said.
Click here to read more at the Galveston Daily News.