KEDB owns the Brickyard Park property where the project will be built.
The resolution covered the loan, a lease agreement with the city of Kingsport, the contract with GRC Construction and a contribution agreement with the K-Play Sports Council, which is raising funds that will be transferred to KEDB to use to pay for construction costs.
"There are a lot of moving parts with the Miracle Field," said KEDB legal counsel Joel Conkin, who drafted the resolution.
According to the resolution, the lease provides that beginning in July 2020, the city will pay KEDB about $214,000 per year for 10 years. The resolution also gives the city an option to buy the site.
"The lease is designed to cover the loan payments to ensure the repayment to the lender," Conkin noted. "Obviously, that ($2.3 million) price is a maximum price. We're hoping that will be less."
Miracle Field, in addition to a baseball field, will include a pavilion and all-accessible playground at Brickyard Park. Groundbreaking is expected to take place this month, with the field opening in the spring of next year.
Two promotions are taking place to help raise money for the project: a “Pitch it Forward” social media challenge that was launched last month with donations being taken at www.pitchitforwardkingsport.com; and Food City recently announced that through Sept. 24 its locations in Kingsport, Church Hill and Weber City will offer $1, $3, and $5 donation cards at the checkouts.