CHARLOTTE, NC (WBTV) – New numbers are in regarding how much the City of Charlotte might pay to move the Charlotte Knights uptown.
City council’s economic committee is proposing $9 million, but the Knights wanted $11 Million to help pay for a new ball park to be built in Third Ward.
The current price tag for a new stadium is in the range of $54 Million.
The city of Charlotte is expected to pony up $9 Million that will come from property taxes, and the Knight’s will be responsible for financing $41 Million; Mecklenburg County is also offering $8 million.
Charlotte Knights owner Don Beaver was on the front row when the pitch for dollars went public.
“It seems like a lot risk and we know what we’re doing in the project,” he said. “And we’ve got our numbers together.”
Several council members worry about the issue of timing.
Mayor Pro-Tem Patrick Cannon is among those in search of a different funding formula.
“I think we need to some other revenue stream,”he said. “Some alternative sources for revenue streams that don’t directly impact the tax payers.”
Predictions are that a ripple effect will be created, and Center City Partners confirms once ground is broken for a stadium other development will follow.
Michael Smith who heads Center City Partners has been in touch with investors who want to build near the site.
“It’s an apartment complex. It is a large investment that’s been trying to get moving, and they’ve done enough research to know equity partners are going to respond to this ball park,” Smith said.
Late Wednesday, the Charlotte Knights said that the team has lined up clients for naming rights and other corporate sponsorships.
Members of the economic development committee will decide if full council will consider the plan on April 18th.
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