TIF approves $35 million to fund new BU stadium
WACO -- Lending a helping hand and a large chunk of change, the Waco Tax Increment Financial Zone 1(TIF) board has approved a $35 million public contribution to go toward the new 45-thousand seat Baylor stadium.
"Being such a large monument like a football stadium and then coming off I-35 that is just a keystone to this park," said Anthony Pena, TIF chairman.
Pena tells us members believe approving the plan will open many doors for Baylor.
"It's going to be on campus. it's going to be a good project for Baylor to grow," said Pena.
And growth in the university means growth for the city.
"That's what we want to do is revitalize the downtown area and start bringing more commercial businesses to the downtown area," said Pena.
But before they can move forward the Waco City Council will have the final say on July 17.
"They will make a decision at that time and vote to approve the actual funding of it if that be their choice," said Larry Holze, spokesman for Waco City Hall.
If approved the funding will go to improvements of the stadium such as roads sewer pipes and power lines.