GRAND RAPIDS, Mich. (Michigan News Source) – The Grand Rapids City Commission is reviewing a proposal Tuesday to approve a 30-year bond worth $100.5 million to help finance a proposed soccer stadium.

Amway Stadium will seat 8,500 people once completed. Grand Action 2.0 is the private developer heading the project. Its website set the cost for the soccer stadium at $175 million, with $115 million coming from public sources and another $60 million being raised from private donations.

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Eventually, the stadium will host a professional soccer team that will play 17 home matches a year with perhaps as many as 60 other community events to be scheduled every year at the facility.

The developer estimates the stadium will generate $408 million in economic impact in Grand Rapids over 32 years.

The Michigan Economic Development Corporation approved $252.3 million in August for a project that includes the soccer stadium. The other projects included in the incentive package are an amphitheater with 12,160 seats, a public riverwalk as well as a 21-story mixed-use building with 475 rental apartments.

The City Commission was also reviewing Tuesday a proposal to approve a $27.5 million bond for the amphitheater project.