Records show Charlotte lacks money for a new stadium

[Tbe]

...Interesting article. It almost sounds like there is a high level plan that Tepper and the city share for that area. Obviously, who pays for what will be the big fight.

https://www.wbtv.com/2021/07/22/records-show-charlotte-lacks-money-new-stadium/

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A WBTV Investigation shows the Queen City’s capacity to contribute to stadium projects is much lower than what’s recently been agreed upon in other NFL cities.

Financial records shared by city staffers during a Charlotte Regional Visitors Authority board meeting show that the capacity to take on debt for major stadium construction is somewhat limited by other projects the city has already financed.

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“I don’t feel that the capacity is there at the moment in the existing tax structure,” District 7 Councilman Ed Driggs told WBTV

Councilman and financial institution veteran Ed Driggs told WBTV he has doubts about the cities pot of money to pay for the deal.

“Particularly because we have a pipeline of capital projects that will probably soak up a lot of that of existing capacity,” Driggs said.

In addition to future potential projects like Discovery Place and Blumenthal Performing Arts, the city is already committed to $174 million in debt in the Convention Center fund, including more than $100 million for recent convention center upgrades.

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Economist Andrew Zimbalist told WBTV that deals between franchise owners and cities that look beyond a specific dollar contribution have proven more fruitful for taxpayers.

“Cities are finding it more and more difficult to justify the expenditures as the prices go up in urban areas,” Zimbalist said.

“What we’ll do is we’ll give you the land for the stadium. Not only that, but we’ll give you some acres around it for parking lots and we’ll give you some more acres for commercial and residential development and then you can make your money off of those other things that will help pay back.”

 

That’s not to dissimilar from the plan currently unfolding between Charlotte and Tepper.

The City has already reached an agreement with Tepper and a developer for new soccer fields, residential units and commercial enterprises at Eastland. The city is also still negotiating with Tepper around a mixed-use/entertainment district in the area near Bank of America Stadium and the Charlotte Pipe and Foundry property, which could be crucial to the development of a future stadium.

Rezoning Pipe and Foundry and using a mixed-use/entertainment district to link it with the Gateway District, home of a future transit center for Amtrak could be crucial to plans moving forward.

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“More likely than not, at the end of the day, for the vast majority of these deals, they should not be looked upon as a promoter for the economy,” Zimbalist said.

“They’re not going to raise overall employment. They’re not going to raise per capita income, and what you want to do as a city if you want to have a sports team, whether it’s MLS, NFL or NBA or whatever it might be, try to make a deal that is financially neutral.”

[SizzleBuzz]

2 hours ago, Tbe said:

The City has already reached an agreement with Tepper and a developer for new soccer fields, residential units and commercial enterprises at Eastland.

I've seen nothing to indicate Tepper is putting funds of any consequence into this deal...

...the developer, Crosland Southeast, is the one who has their nuts on the line with this deal.

 

2 hours ago, Tbe said:

The city is also still negotiating with Tepper around a mixed-use/entertainment district in the area near Bank of America Stadium and the Charlotte Pipe and Foundry property, which could be crucial to the development of a future stadium.

Rezoning Pipe and Foundry and using a mixed-use/entertainment district to link it with the Gateway District, home of a future transit center for Amtrak could be crucial to plans moving forward.

This a complete nonsense.

Tepper doesn't own any developable land "near Bank of America" or anywhere else in uptown...

...there's nothing to "negotiate" on. 

 

[Ocpanthertew714]

It's Friday night on the west coast. So I don't know. Been drinkin. So who's gives a fug.

[Daddy_Uncle]

Tepper will get what Tepper wants. I guarantee you that. He's not worried what those pleebs have to say

[Jon Snow]

Sounds like a perfect excuse to raise taxes to pay for one.  

[electro's horse]

remember when the voters of charlotte told george shinn to go fug himself instead of paying for a new stadium, the referendum failed and he left town, then the city council voted to build a new stadium anyway 

lol

lmao

[KatsAzz]

On June 8,2021,Tepper said: "At some point, that building [Bank of America Stadium] will fall down. I've said it before and I'll say it again; I'm not building the stadium alone.

The community is going to have to want it. If I'm a third, the community is a third, and if other people or PSL guys are a third, we can do it.

It's a partnership and if people don't want it, they don't want it. I don't want to force it on anybody. I'm not going to force it on anybody.

In the meantime, we'll just try to make the building we have the best possible building we can have. We'll continue to make different changes there and different enhancements."

[frankw]

47 minutes ago, electro's horse said:

remember when the voters of charlotte told george shinn to go fug himself instead of paying for a new stadium, the referendum failed and he left town, then the city council voted to build a new stadium anyway 

lol

lmao

There was a little more to it than that. Wasn't the fans fault though. The team led the league in attendance for years even when they weren't all that good. But go off about that welfare for the ultra rich king.

[electro's horse]

11 minutes ago, frankw said:

There was a little more to it than that. Wasn't the fans fault though. The team led the league in attendance for years even when they weren't all that good. But go off about that welfare for the ultra rich king.

how did you read that post and come to any of those conclusions

like what are you trying to say

[Scott12345]

Charlotte City Council is clueless

 

[Smithers]

Economic incentives suck...but they are part of the world we live in cities hand them out all the time.  Sports franchises/venues have a massive economic Impact that often cannot be measured in sheer jobs created. Charlotte will pony up when the time comes.   

[electro's horse]

12 minutes ago, Smithers said:

 Sports franchises/venues have a massive economic Impact that often cannot be measured in sheer jobs created. 

they actually don't

[Snake]

Probably should move out to fort mill or concord. They could both afford it.

[Smithers]

13 minutes ago, electro's horse said:

they actually don't

They do.  Especially if they are used to host multiple events per year.  Not only are you collecting taxes on a billion dollar facility, you’re collecting tourism taxes in every hotel room sold, food and beverage tax on every meal served, beer and wine tax on every drink sold, in addition to general sales benefit to each restaurant, hotel, gas station, etc patrons visit before and after the event. Occupancy taxes alone generate millions per year in revenue.