South Carolina and Rock Hill having issues paying for the Panthers new HQ

[Ja Rhule]

According to Hart, $225 million worth of bonds were supposed to have been issued by the city no later than October 31, 2020. After discussions with the developer of the project, this deadline was later extended to February 26, 2021. This borrowing was supposed to have been repaid with an increase in property taxes on local residents – and Rock Hill agreed to forego 100 percent of its tax revenue until the debt was paid off.

Did Rock Hill meet the second deadline? No …

“To date, the bonds have not yet been issued,” the letter stated.

https://www.fitsnews.com/2021/05/14/carolina-panthers-deal-rock-hill-sc-is-coming-up-short/

Edited May 15, 2021 by Ja Rhule

[Matthias]

Let Tepper pay for it

[kungfoodude]

Increase in property taxes? Oof. Rock Hill residents about to take it in the shorts.

[kungfoodude]

Just now, Matthias said:

Let Tepper pay for it

Hey, don't billionaire shame.

[countryboi]

5 minutes ago, Matthias said:

Let Tepper pay for it

he could but he wont because there is no precedent for it, the tax payers have always footed the bill and owners are going to continue to expect it

[Tbe]

Yikes - Rock Hill.

“According to my sources, Rock Hill is “over-leveraged” and simply unable to issue this debt – at least not without having to settle for junk bond rates. In fact, even after the total obligation for the project was reportedly cut nearly in half – to $135 million – the city still couldn’t get the financing for the bonds at a competitive rate.”

Sounds like the state or county will have to step in to make good on their end of the deal.

Why agree to this if you’re already up to your neck in debt?

I know...stupid question.

[SizzleBuzz]

39 minutes ago, countryboi said:

he could but he wont because there is no precedent for it, the tax payers have always footed the bill and owners are going to continue to expect it

Your statement is categorically false.  

The new Jets/Giants stadium was built with 100% private funding.  

 

[Snake]

I seriously say they should have broke ground in Fort Mill not Rock hill. Nothing but a college and crack smoking going on at the Rock.

[Ja Rhule]

58 minutes ago, Snake said:

I seriously say they should have broke ground in Fort Mill not Rock hill. Nothing but a college and crack smoking going on at the Rock.

Amen.  I was surprised they did it in Rock Hill instead of booming Fort Mill.  Fort Mill got their poo together.

[Move the Panthers to Raleigh]

Does Tepper actually pay for anything himself? I heard, when he was interviewing FO staff for the Panthers, he made the interviewee pay the tab. I'm seriously not a fan of this guy. The community should own the team like GB.

(I know lots of teams tax their home cities for the stadiums. Doesn't make it right.)

[BlackCats2013]

9 hours ago, SizzleBuzz said:

Your statement is categorically false.  

The new Jets/Giants stadium was built with 100% private funding.  

 

PSL prices for the NY stadium were crazy from what I remember. I believe lower sidelines were in the neighborhood of 30k per

[thunderraiden]

9 hours ago, SizzleBuzz said:

Your statement is categorically false.  

The new Jets/Giants stadium was built with 100% private funding.  

 

If you could see the eyes rolling out of my head. You just used an example of two seperate billionaires splitting the bill in the biggest per capita market on Earth. 

[OldhamA]

12 minutes ago, Move the Panthers to Raleigh said:

Does Tepper actually pay for anything himself? I heard, when he was interviewing FO staff for the Panthers, he made the interviewee pay the tab. I'm seriously not a fan of this guy. The community should own the team like GB.

(I know lots of teams tax their home cities for the stadiums. Doesn't make it right.)

How do you think people become billionaires?

[Move the Panthers to Raleigh]

5 minutes ago, OldhamA said:

How do you think people become billionaires?

By exploitation.