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Panthers terminating Rock Hill project agreements

Dorian Gray

By Dorian Gray,
in Carolina Panthers

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Tbe Grand Master

Tbe

Posted
Posted
28 minutes ago, CRA said:

lot of stuff is just one guy saying it though.  

from what I read the Panthers were brought in and agreed to the deal YC made with them.   It wasn't just a proposal.  Then had a change of heart.  And never signed it. 

I'd like to know more about that before I give Tepper a total pass on this thing. 

That is a new one to me. I’d like to see a source on that. I’ve seen several interviews of York county counselmen and state congressmen and they have not talked about that. They offered the panthers a 30 year property tax break after construction stopped but the panthers never responded to it. 

I live in the area. People are hot because Tepper has been ignoring York’s offer.

https://www.wcnc.com/amp/article/news/local/york-county-council-panthers-training-facility-rock-hill-site/275-7194d096-bf60-4d7f-849d-52997ece8aee

 

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MickMixon'sMetaphors Collaborator

MickMixon'sMetaphors

Posted
Posted

An interesting tidbit from the article @CRA linked *Dated March 7th*

"

Despite these alleged setbacks, Vehaun [That's city manager, David Vehaun] says everyone was on the same page and the city was ready to issue the bonds.

”We were honestly two weeks away from issuing the debt when we found out that the Panthers asked us to stop,” he explains.

"

According to the city, after conversations, Tepper said he didn't want the city to raise capital via bonds.  They then discussed alternatives.

It's seems like the city was planning on issuing the bonds, but didn't do it fast enough or inline with Tepper's timing.  So he hit the pause button to force the issue.  Probably was floating too much money and simply didn't like it.  That's what it looks like to me, but the facts will come out and the devil is in the details.

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SizzleBuzz Grand Master

SizzleBuzz

Posted
Posted (edited)
26 minutes ago, CRA said:

Vehaun also says the Panthers were falling short on items they were supposed to provide so they city could issue those bonds. That apparently included project development plans.

”And that information isn’t something the city could provide on anyone’s behalf is that correct?” asks Gettys.

”That’s correct,” replies Vehaun.

Despite these alleged setbacks, Vehaun says everyone was on the same page and the city was ready to issue the bonds.

”We were honestly two weeks away from issuing the debt when we found out that the Panthers asked us to stop,” he explains.

‘Our absolute and professional best’: City leaders speak out about $200M unpaid bonds in Panthers-Rock Hill facility dilemma (live5news.com)

Then you have someone from York County Council said they brought in the Panthers and worked out a deal.   But then Tepper went dark and wouldn't make it official. 

That's not fake news.  That just me referencing what the news reported.  

I'd like to know more about that before I pity Tepper lol.  Maybe he was 100% wronged.  He hasn't earned that type of assumption IMO. 

Noted.  

I edited my previous post acknowledging this.  

That said, Vehaun’s comments make no sense at all and have never been confirmed elsewhere. 

Edited by SizzleBuzz
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CRA Grand Master

CRA

Posted
Posted
4 minutes ago, Tbe said:

That is a new one to me. I’d like to see a source on that. I’ve seen several interviews of York county counselmen and state congressmen and they have not talked about that. They offered the panthers a 30 year property tax break after construction stopped but the panthers never responded to it. 

I live in the area. People are hot because Tepper has been ignoring York’s offer.

https://www.wcnc.com/amp/article/news/local/york-county-council-panthers-training-facility-rock-hill-site/275-7194d096-bf60-4d7f-849d-52997ece8aee

 

RH officials said the Panthers in reality were holding up the bonds and then told them to not issue them as they (the Panthers) wanted to seek additional alternatives (which I assume was the county and state).   Think that claim is pretty well documented.  I linked it early in this thread. 

I'll try to find the exact quote from the County on the informal solution but paywalls make googling a little harder.  I think it got it off twitter so I'll take a look there.   The way he framed it wasn't that it was just an offer but that Teppers folks were brought in for it and it was agreed to as a solution.  Just never formalized.  Tepper then went dark after they worked it up together. 

Might not be true.  But I think the RH taxpayers deserve to know about the bonds and the YC taxpayers deserve to know about that resolution.  The details behind both. 

 

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CRA Grand Master

CRA

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13 minutes ago, SizzleBuzz said:

Noted.  

I edited my previous post acknowledging this.  

That said, Vehaun’s comments make no sense at all.

I mean, they could make sense.  Bonds don't just appear out of thin air.   You have to supply the needed info for them to be issued. 

I'm not looking to 100% defend RH.  I think we all know they were over their skis from the jump.  Tepper included knew that.  I'm just not sure Tepper didn't add to the problem. 

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kungfoodude Grand Master

kungfoodude

Posted
Posted
2 hours ago, ThPantherFan said:

I haven't noticed a lot of SC people supporting the team either.  Sports bars around Myrtle Beach with carry the game but the farther south you don't see so much.  Talking with people on vacation doesn't reveal a lot of fans either.  I'm sure there are dedicated fans that gather at certain places.

I lived in Columbia for a few months during the time we were actually good. Had to usually ask at a sports bar to have the game turned on.

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CRA Grand Master

CRA

Posted
Posted
1 hour ago, Ja Rhule said:

I think Tepper changed his mind on RH location.  The one Carolina stopped last year before this mess.  Dude has a plan for something else.

that's my gut feeling.  He saw a window to tank it and did. 

Why do you need a training camp facility out of state.  Almost zero NFL teams travel for training camp.  Carolina was always abnormal in doing that.   Tepper probably hates coming to Charlotte enough as is.  Why go to RH. 

A newb and bad owner made the initial deal too quick.  The more he sat and watched time go by he realized it was dumb from a Carolina Panthers stand point.   We went to Wofford because that was Jerry's place.  No reason to be traveling for training camp.  Players and coaches hate it.  The org hates.  Fans like it.  Pending you live close by.   

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Tbe Grand Master

Tbe

Posted
Posted
24 minutes ago, CRA said:

RH officials said the Panthers in reality were holding up the bonds and then told them to not issue them as they (the Panthers) wanted to seek additional alternatives (which I assume was the county and state).   Think that claim is pretty well documented.  I linked it early in this thread. 

 

The only source I’ve seen on that is the city manager (who once said RH had already met all financial responsibilities) and that was a month ago. I haven’t seen that claim being made since from anyone else. If it was true, you’d think these politicians would be milking it for all its worth.

 

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Tbe Grand Master

Tbe

Posted
Posted

Official statement from RH.

Are they saying they tried to issue bonds but no one  bought them?

The City met all obligations required under the agreements. The City did not commit to provide unlimited City backstop, but instead agreed to use its best reasonable efforts to issue bonds to be repaid by the increase in the tax revenues generated from development of the site which protects the City’s taxpayers and the City’s favorable financial position. 

As set forth in the parties’ finance agreement, the City was not required – to pledge, use or contribute any City funds, revenues or assets to the repayment of the Bonds beyond the Panthers Fund Proceeds, Reserve Funds derived from proceeds of the Bonds, together with capitalized interest, if any, or [municipal improvement district (MID)] assessments imposed in accordance with the MID Governing Documents; and … the City’s reasonable best efforts to issue Bonds shall not be construed as an assurance or guarantee by the City that there will be a buyer for any of the Bonds.

 

 

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