Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.
Issue link: http://www.epageflip.net/i/944388
WWW.UPANDCOMINGWEEKLY.COM FEBRUARY 21-27, 2018 UCW 11 The cit y of Fayettev ille and Cumberland Count y have ceremoni- ously signed t he papers f inancially supporting t he new baseball stadi- um. Count y Commission Chairman Larr y Lancaster and Fayettev ille Mayor Mitch Colv in came toget her at cit y hall w it h members of t heir boards present. Buies Creek Astros minor leag ue team general manager Dav id Lane was also on hand. T he sing le-A Houston fa r m tea m has a lready moved f rom Ca lifor nia to Nor t h Ca rolina. But, const r uc- t ion of t he loca l ba l lpa rk is just now get t ing under way a nd won't be ready for baseba l l unt i l t he spr ing of nex t yea r. Unt i l t hen, t he tea m is play ing at Ca mpbel l Universit y in Buies Creek. "Tea mwork a nd good spor ts- ma nship a re a live a nd wel l in our com munit y," sa id La ncaster. He a nd Colv in executed sepa rate interlo- ca l ag reements to devote proper t y ta x revenues ea r ned f rom col latera l invest ments nea r t he stadium in suppor t of t he ba l lpa rk business pla n. "T his is a wonder f u l exa mple of com munit y col laborat ion," Colv in sa id. Since ta k ing of f ice in December, Colv in has emphasized improv ing loca l gover nment work- ing relat ionships. A special ta x district is being cre- ated in t he relatively small area t hat surrounds t he stadium. Ta x revenues received from private development in t hat district w ill be devoted to pay ing off t he baseball stadium's $33 million bond debt. It w ill be among t he most expensive minor leag ue stadiums on t he East Coast. T he cit y ag reed to g ra nt a Dur- ha m-based developer exclusive r ig hts to t he proper t y adjacent to t he ba l lpa rk. PCH Holdings, LLC is cur rent ly renovat ing t he inter ior of t he for mer Pr ince Cha rles Hotel. Once t hat's completed, t he com- pa ny w i l l t ur n its at tent ion to t he ex ter ior. It w i l l become a n apa r t- ment bui lding. T he f ir m a lso pla ns to bui ld a four-stor y pa rk ing ga rage as wel l as a mu lt istor y hotel on top of t he ga rage as wel l as reta i l shops. T he cit y of Fayet tev i l le has ag reed to purchase t he pa rk ing deck f rom PCH Holdings at its act ua l con- st r uct ion cost. T he ga rage w i l l be used for public pa rk ing. The signing event also included execution of an amendment to a related agreement bet ween t he cit y, count y and Public Works Commis- sion for continued funding of t he Frank lin Street park ing garage. The original park ing garage agree- ment for ta x-increment funding was approved in 2010. The count y w ill contribute propert y ta x collections to t he project for f ive years after t he stadium is completed and 75 percent for an additional 15 years. The amendment redef ines t he dis- trict's boundaries, adds a prov ision to treat formerly ta x-exempt proper- t y in t he same manner as nonexempt propert y and changes t he termina- tion of t he count y's obligation for t he park ing deck to Dec. 31, 2030. PWC continues to prov ide funding for t he operation and maintenance of t he Frank lin Street park ing garage. Play ball by JEFF THOMPSON NEWS This constructed image provided by the city of Fayetteville shows what the area should look like when the $33 million baseball stadium is finished next spring. Go Online 484-6200 www.uandcomingweekly.com Flip our pages for news, views, art and entertainment! Call and ask one of our marketing representatives to help you grown your business.