The Hurricanes have offered $8M in additional funding
to cover cost overruns at the Raleigh arena in return for
"significant concessions," according to Matthew Eisley of
the Raleigh NEWS & OBSERVER. In addition, NC State has
increased its pledge to $6M to get the "behind-schedule"
arena open a year from today. That would leave the
Centennial Authority, which "hopes to get state approval"
for a $7M bank loan today, within $5M in securing funding to
cover the overruns. Next week, the Authority will ask the
Raleigh City Council and Wake County commissioners if it can
"tap" a $5.2M "debt reserve fund" that was intended to pay
off the last of the $48M in construction bonds. Among the
team's conditions for its contribution are reduced rent on
land for a practice rink and the Authority's "agreement to
take a basement office" at the new arena and give up control
of two suites. Some city leaders "questioned the wisdom" of
the granting the team the conditions. Raleigh City
Councilmember John Odom: "They come up with a laundry list
to do -- and they're the problem" (NEWS & OBSERVER, 9/1).
