Posted on 06/04/2022 7:22:40 AM PDT by MinorityRepublican
York County officials sent a clear message after GT Real Estate Holdings, LLC, announced Wednesday that it had filed for bankruptcy. Carolina Panthers owner David Tepper specifically formed GT Real Estate for the Rock Hill headquarters site off I-77, north of Dave Lyle Boulevard.
On Thursday morning, York County issued a statement noting the bankruptcy protection lists the county as one of the creditors. That’s because of GT Real Estate’s and the county’s agreement to upgrade a section of Mt. Gallant Road bordering the new headquarters property, according to the county release. The county put up $21 million for the project, the release states.
“We believe those funds will be returned in full with interest, and county taxpayers are protected,” the county said in its news release. “We were prepared for this action, and fully expect a positive outcome for our citizens.”
(Excerpt) Read more at heraldonline.com ...
Owning a sports team is like having a fancy toy, you can spend it yourself without having to get the $$$ from taxpayers.
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I’m not so sure I’d side with the government officials on this one. The project is described as “the Panthers proposed practice facility” in these media reports, but it was much bigger than that. It was a mixed-use development that also included office and commercial space and even a new medical center.
Usually it's a scam.
“We’ll move the Panthers to (some other town) if we don’t get what we want” talks to begin in 3...2...1
“It was a mixed-use development that also included office and commercial space and even a new medical center.”
well, is any of that other stuff gonna still get built, or is the whole shebang gonna go down the tubes with the half-built practice facility?
https://www.morriscountynj.gov/files/sharedassets/public/departments/planning-amp-preservation/board/planning-board/ldar08.pdf
The land is at a premium in NYC metro area. Not sure if that's the case in Rock Hill. Is there a need for an office building in the area? I have no idea. I know that there is a trend toward WFH so colleagues from work may meet at Starbucks, rent conference space at hotels or WeWork spaces. Ultimately, that will depress demand for office space in general.
As I recall the Raiders scammed Irvindale for millions.
My sense of it is that it’s rare for NFL practice facilities to include other development but I could be wrong.
They dserved losing the money for attempting to deal with Al Davis, lol.
It's worth $25.45 million in 2022 dollars.
It's a new thing apparently.
I think Allen Iverson said it best here.
Rock Hill is 25 miles away and on the same interstate as Charlotte NC. Charlotte is overcrowding all the time. It’s been said that NC has some of the highest taxes in the South. SC can at least be looked at as a cheaper alternative for a company that is considering operations in Charlotte.
Roads are crap in South Carolina. Just a personal observation of mine.
It's a mess. Rock Hill was supposed to give him even more moeny from what I understand.
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