Houston Dynamo Looks for Home
by: Laurie Johnson, March 25, 2009 9:03:20 pm
The City of Houston, Harris County and the Dynamo have been in negotiations over a soccer stadium for more than a year.
The Dynamo announced this week they've secured tentative promises of financial backing from Compass Bank for construction.
The $80 million dollar proposed stadium will occupy land on the eastern edge of downtown, not far from Minute Maid Park.
But soccer fans shouldn't count their goals before the game.
Houston Mayor Bill White says he met with the international chair of the bank on Monday.
"There are issues about, I guess you'd say the structuring of the finance, who's subordinated to whom, that sort of thing, that are important. And we pay attention to the details of that kind of thing. And until there's a deal that's done, it's not done."
The mayor says the city is ready to invest in the project, but is still waiting on support from Harris County.
"It is important for our community for jobs and economic development to attract $50 million plus, in private investment, in a facility that would be owned by the public."
The deal still requires a vote from both Houston City Council and Harris County Commissioners. The Dynamo hope to play in a completed stadium by the 2011 season.
Laurie Johnson. KUHF-Houston Public Radio News.