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Friday, July 19, 2024
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Lawmakers Pass Financing Plan For Panthers’ $800M Facilities

Mark J. Rebilas-USA TODAY Sports/Design: Alex Brooks

Lawmakers in York County, South Carolina, passed an “alternative financial package” on Monday in an effort to resume work on the Carolina Panthers’ new $800 million facility project.

Construction on the venue was put on hold earlier this month reportedly due to Rock Hill, South Carolina, being behind on its bills to Tepper Sports and Entertainment. News 19 WLTX 19 said the city owed $225 million in infrastructure loans.

In a 4-3 vote, the City Council agreed to a “Fee in Lieu of Tax and Incentive,” in which the county will help with the project’s financing through revenue credits. The team would then pay those back with tax credits. 

  • The Panthers still have to agree to the transaction but were involved in the deal’s discussions.
  • A real estate company run by Panthers owner Dave Tepper has reportedly invested more than $170 million in the project.

“It’s straight-now credit,” councilman William Bump Roddey said. Previously, the City of Rock Hill would have issued $225 million in bonds

What’s At Stake

The project, which includes the team’s headquarters and a new practice facility, was originally supposed to open in August 2022 but was stalled until 2023 due to the pandemic. It’s now unclear when the project will open or construction will continue.

Ahead of the city council’s vote, a source with knowledge of the city’s thinking told Front Office Sports that the back-and-forth between the entities put the development’s completion in potential jeopardy.

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