Dynamo Stadium gets a new name.
When the Dynamo first approached BBVA Compass before breaking ground on their new stadium, the two-time MLS Cup champions were looking for a loan to help finance the construction of the club’s venue on the East End.
Now, the bank will have its name and a note on BBVA Compass Stadium, which is set to open on May 12.
“I think the amazing thing is not that they financed it,” said Tim Leiweke, the president of Dynamo co-owner Anschutz Entertainment Group. “It’s not that they’re putting their name on it, but they’re the architects of how we ultimately figured out a way to pay for this without the taxpayers having to write a check. That’s where their real strength was.”
The Dynamo’s BBVA Compass loan covered the $20 million that was set aside through the inter-local agreement on the tax increment reinvestment zone (TIRZ) for infrastructure improvements on the site, which the city bought for $15.5 million under Mayor Bill White’s administration. Because the $20 million from the TIRZ is accumulated over years, the team needed to take a loan on the money last February in anticipation of getting the funds in the future.
A little more than 10 months after securing that loan with BBVA, the organizations furthered their relationships by announcing a 10-year, $20 million naming rights deal Wednesday.
Good for them, but if it’s all the same to you, I’ll keep calling it Dynamo Stadium. I’ve used that name for too long to change now. Be that as it may, congrats to the Dynamo getting this done. I look forward to their grand opening of the new digs/