Houston Dynamo close in on stadium deal

March 24, 2009 6:17:37 PM PDT
There's big news for Houston soccer fans. The Houston Dynamo may soon have its own stadium. We found out today the Dynamo are closer than ever to finalizing a deal. [SPORTS BLOG: Get the latest news from the Eyewitness Sports team]

Dynamo President Oliver Luck said late this afternoon that it's not a done deal yet but it's a lot closer. Luck tells me the city of Houston and Harris County have both assured the Dynamo that they will set up a TIRZ - or tax increment reinvestment zone. Some of the future revenue from that will go toward the new stadium that will also be used by the Texas Southern football team.

Part of the deal is that the Dynamo would have to get financing through a bank for the upfront money for the stadium that would be repaid through the tax reinvestment zone. After months of looking for a lender, the Dynamo cut a deal with BBVA Compass Bank.

Nothing has been signed yet. Luck tells me they have a handshake agreement at this point for the upfront money.

Officials hope to break ground on the new stadium this fall and have the Dynamo play their first game there in two years.

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