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/958935
WWW.UPANDCOMINGWEEKLY.COM MARCH 28-APRIL 3, 2018 UCW 9 Lost in the city of Fayetteville's en- thusiasm to develop a minor league baseball stadium was a Durham property developer's interest in reno- vating the former Prince Charles Ho- tel. Fayetteville native Jordan Jones became project manager for what became PCH Holdings, Inc. Jones' grandfather built the eight-story Hay Street hotel in 1924. Jones and his colleagues approached city govern- ment about what the city might do in support of their project. That's when former Deputy City Manager Rochelle Small-Toney sug- gested a baseball stadium. Eventu- ally, city-owned property adjacent to the old hotel was selected for the ballpark. She's no longer with the city, and Deputy Manager Kristoff Bauer took up the project. This month, Bauer announced that an initial $47 million stadium cost projection had been reduced to nearly $38 million by contrac- tor Barton Malow. But, that was $5 million over the budget city council established two years ago. All sub contracts had been bid, and the final price of $37,885,102 was agreed to. The only thing not included in the city's cost is interest on the loan. Bauer told council that site prepara- tion work had exceeded expectations by $4 million. There were other project elements, including a more elaborate scoreboard and LED lighting, that increased the budget. "This has been a challenging process," Bauer said. The city's budget director, Tracey Broyles, told city council the city has the capacity to absorb the difference in the projected budget by divert- ing $1 million a year from its capital improvement fund in the out years to make bond payments. Council will have to decide which CIP projects to sacrifice. Council members voted unanimously to go forward with the project. "It's too late to turn back now," said councilman Bill Crisp. He reminded members he had been adamantly opposed to the project initially. He now calls the project a "renaissance," which is the impetus for $100 million plus in economic development projects. Bauer and Barton Malow ex- ecutives estimate as many as 1,000 construction jobs and upward of 500 permanent operating jobs will grow out of the stadium project and the surrounding building oppor- tunities. They include a five-story parking garage with a hotel and eight-story office building atop it. City council will now submit its funding application to the North Carolina Local Government Commission for approval to issue limited-obligation bonds to finance the stadium's construction. "We've been confident this entire time that they would develop a beautiful stadium," said Mark Zar- thar, president of the Fayetteville Baseball Club. The Houston Astros own the minor league team that will play in Fayetteville beginning next year, and they will manage the stadium. Team President Reid Ryan, the son of major league hall of famer Nolan Ryan, agreed to a 30-year lease on the stadium. The team will an- nounce the name of the team and its mascot in mid-April. Stadium to cost $38 million by JEFF THOMPSON NEWS This month, Deputy City Manager Kristoff Bauer announced that an initial $47 million stadium cost projection had been reduced to nearly $38 million by contractor Barton Malow. Advertising Grow Your Business For effective advertising, Call 910.484.6200 today! www.upandcomingweekly.com