In Raleigh, NC, Centennial Authority members yesterday
announced an agreement that "places a cap on the
skyrocketing price of" the city's new sports arena, which
will house the Hurricanes beginning in '99, according to
Laurie Willis of the Raleigh NEWS & OBSERVER. The Authority
also "nailed down a promise" to have the facility finished
by September 1, 1999. But Willis writes that "there's a
catch to both," as the Authority must come up with $25M by
October 1, "a mere 70 days away, to lock in the cost" at
$157M. Although Authority members "didn't have a firm plan"
yesterday as to how they will come up with the $25M, Exec
Dir Curt Williams "reiterated" that the board will ask local
and state governments, as well as NC State Univ., "to make
up the difference." Williams said that he is "optimistic"
that those partners "will choose to participate," but
Raleigh Mayor Tom Fetzer "didn't seem willing" yesterday.
Fetzer, on the Authority: "I don't think they have any
credibility left with the taxpayers or their elected
officials." Wake County Commissioner Les Merritt also
encouraged the Authority to "try harder to find" the $25M.
Merritt: "They ought to look at more creative ways than
coming back to the taxpayers" (NEWS & OBSERVER, 7/22).
