Facilities Venues

RALEIGH CITY COUNCIL HOPES IT NAILS DOWN FINAL FUNDING

9.16.1998

          The Raleigh City Council agreed to let the Centennial
     Authority "use up to" $5.2M from an "arena construction-bond
     debt reserve fund" to round out the $26M arena shortfall,
     according to Matthew Eisley of the Raleigh NEWS & OBSERVER. 
     By replenishing the reserve with "future county hotel tax
     revenue," the joint contribution of Raleigh and Wake County
     to the project is now at $75M, with the Hurricanes and N.C.
     State contributing a combined $14M.  As part of the deal,
     the Authority will now drop plans for a $7M bank loan.  If
     Wake County Commissioners agree to the terms, all the money
     needed to build the $158M arena will be in place and
     Authority members are "confident" the 20,000-seat arena
     would open next September (Raleigh NEWS & OBSERVER, 9/16).

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