Maryland Stadium Authority
Hagerstown Multi-Use Sports and Events Facility
Lease Revenue Bonds
The Authority is an instrumentality of the State of Maryland created in 1986 to finance and direct the acquisition and construction of professional sports facilities in the State. Since then, the Authority’s responsibilities have been extended to include the Hippodrome Performing Arts Center, convention centers in Baltimore City and Ocean City, the Montgomery County Conference Center, the Baltimore City Public Schools Construction and Revitalization Program, and the Statewide School Construction Program.
Proceeds of the Series 2022A Bonds will be used to fund select costs associated with the acquisition, design, construction, and financing of the Hagerstown Multi-Use Sports and Events Facility. The Facility, which is expected to be substantially constructed and completed by March 2024, will contain a minor league baseball field and have occupancy capacity for approximately 5,000 people consisting of 3,000 to 3,500 chairs with backs, lawn seating, and standing room only sections. The Facility will contain additional event space with a capacity of approximately 400 people, a community room and include a parking lot. The Facility design will be able to accommodate sports other than baseball, including soccer matches of the United Soccer League.
The Series 2022A Bonds were structured as tax-exempt lease revenue bonds maturing in 2052. Payment of principal and interest on the Series 2022A Bonds is subject to an annual appropriation by the State. The Series 2022A Bonds, which are rated “Aa2/AA+”, were sold via a negotiated public offering by an underwriting syndicate led by Raymond James. The TIC on the Series 2022A Bonds was 3.39% and the financing closed on March 17, 2022.