Although "not finalized," a $500M proposed project in uptown
Charlotte that may include a basketball arena, baseball stadium,
entertainment complex and more, is being drafted by private
developers led by NationsBank, according to Dan Chapman in
today's CHARLOTTE OBSERVER. Under the "lease expensive"
development plan, taxpayers would be asked to pay about $46.5M
toward the project, although "much of the money" for would come
from the Hornets, banks and businesses. The uptown group putting
the deal together would pay off the debt remaining on the
Charlotte Coliseum, which "could be razed." Proposals are still
being considered, with a final plan scheduled to be unveiled
November 11. One proposal, with a cost of $181M, would construct
a 21,500-seat arena for the Hornets, which Owner George Shinn
says could be expanded to 24,000 seats for NCAA basketball
events. It would include between 3,000-4,000 club seats and up
to 120 luxury suites. Under this plan, the city would own the
arena and the uptown group, the Street of Champions Developmental
Corp., would manage it. Another proposal, the "most ambitious,"
would include a proposed 42,500-seat stadium for an MLB team,
with 5,000 club seats and 100 luxury suites. The ballpark is
"pegged" at $203M, with a taxpayers cost of $37M (CHARLOTTE
OBSERVER, 10/29). The Hornets' proposed arena complex, "could
hinge on" taxing tickets for sports events, with a seat tax
"among the options," according to Rhee & Chapman in the CHARLOTTE
OBSERVER. One proposal has a tax of 5%, up to $2.50 per ticket,
"phased in" at the Coliseum and Independence Arena in July, at
Ericsson Stadium in February '98 and the new uptown arena
possibly by '99 (CHARLOTTE OBSERVER, 10/29).
