SEPTEMBER 28 - OCTOBER 4, 2016 UCW 19
WWW.UPANDCOMINGWEEKLY.COM
Fayetteville's proposed $33 million
Single-A baseball stadium will be
built on city-owned property behind
the former Prince Charles Hotel
without a residential property-tax
increase. The ballpark's construc-
tion cost is tied to several funding
sources as shown in the pie chart to
the right. The Fayetteville City Coun-
cil will own the facility, which will
be operated under contract with the
Houston Astros. Both parties have
agreed to a 30-year lease. "The pri-
vate development will be outlined in
the master development agreement
with the city and private developers,"
said City Councilman Kirk deViere.
He chaired the subcommittee that
came up with the plan.
The funding model for the stadium
includes investment from the city,
county and private sector. County
Commissioners unanimously approved their participation in the project
last week.
"This is a great example of how the city and county can work together
for economic growth. This project will have an annual impact of over
$7 million dollars and over $20 million dollars during construction,"
deViere added.
City and County governments will use tax increment financing of rev-
enues earned from new construction added to the tax rolls in the speci-
fied district adjacent to the stadium
A major part of the overall project is renovation of the former Prince
Charles Hotel behind which the stadium will be built. New owners of
the hotel plan to spend $15 million in renovations to build 62 apart-
ments and a luxury penthouse on the eighth floor. PCH Holdings also has
a memorandum of understanding with the city to develop
property immediately sur-
rounding the ballpark.
JEFF THOMPSON, Senior News Reporter.
COMMENTS? news@upandcomingweekly.
com. 910.484.6200.
NEWS
Stadium Funding Approved
by JEFF THOMPSON
www.xscapefactor.com
910.676.8926
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