I was unaware of this as well. It alters my thinking on the topic tbh.
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Reddit is a hive of uneducated communist group think.
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To be clear, this is Wake County, not the City of Raleigh.
http://www.wakegov.com/roomfoodtax/Pages/201819rfi.aspx
Also, the “revenues must be used for projects supporting arts, cultural, sports or convention” so I’m not sure it’s as much a question of IF the funds should be used for this project as much as it is a question of if they should be used for this project moreso than the others listed in the link above. This project certainly qualifies as much as it does for use at PNC to support the Hurricanes and NC State.
Will certainly be interesting to see how this plays out. Back to the topic at hand.
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I don’t think that’s always the case. It could also be like later-phase developments in Charlotte Gateway Station where there’s public money in the mix, but the actual property owners are private entities. If that happens, then the State would effectively give Malik financial aid for his stadium infrastructure, à la university Pell grants.
If this turns out to be true, then yeah, I think I’d be a lot more supportive of public funding support, too -only because the money would not be going to the stadium proper. If it’s going to support infrastructure to make the stadium more attractive/accessible for the city, then I think that would be a valid investment.
Not every place you don’t support are government-leaching communists. Counterpoint: /r/the_donald
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I can’t imagine they have gone through the process and expense of acquiring all that land just to walk away from it. It’s a bluff. emphasized text
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r/the_donald are a bunch of government leaching fascists. Regardless, the group think is too strong on reddit, and way too much manipulation of comments.
The reason I love this forum is there are comments from all sides, who are given equal venues to speak. No one is muted here unless they are rude. It is a really amazing forum.
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The City & County provide economic development incentives all the time for a variety of ‘eco-dev’ projects to lure companies to expand or relocate. This is no different…except there is a sports stadium in the mix and everybody gets their underwear in a wad the minute you mention public funding for sports complex-related efforts. This is a JOB creator, plain and simple…just like luring Advance Auto or maybe IBM (one day).
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Maybe not a bluf, but Kane may decide not to build anything for a while if this plan is not approved.
There’s the rub… they haven’t acquired it… they only have contracts to acquire it if they choose to proceed. Could it be a bluff… probably but they could also walk away and let someone else develop it.
If they are asking for a slice of the money for infrastructure improvements and maintenance, and there are still interlocal funds available for the other institutions, I think that’s a good deal. That’s what these monies are earmarked for. Also I dont know how the interlocal fund money is dolled out. Do you ask then they agree and you work on a number? do you get the number you ask for or nothing or does the commission hand down a number it wants you to have and its take it or leave it.
I have no idea how this process works
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Please let it be South End. I wrote some emails in support, hope everyone will do the same.
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Wake County manages the tax money and the allocation, but if they give the money for a project to whatever town I don’t believe that it makes Wake County the owner, but whichever city that the money is provided for. For instance, I believe that the Town of Cary owns the WakeMed Soccer Park. If I am wrong please somebody correct… also I have now read that the $11 million per year is actually for infrastructure and not for the stadium so my original statement is invalid.
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Ah - I didn’t realize they haven;t actually purchased the land. I really don’t know how this work’s either. But I bet there is room to negotiate on both sides.
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Their Timeline is really impressive.
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It is a highly aspirational timeline. Maybe they plan on working with a different city council
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Hahaha, I figure 2025 is reasonable, but 2023 is crazy.
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They just clarified that during the press conference. Also there were reports that Kane was going to proceed regardless of the stadium when things leaked last month… seems they wanted that hushed up right away. Really hurts the leverage
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Malik also mentioned in his interview with the N&O that he would develop the area anyways. This makes sense, since it’s also prime real estate in general, with the upcoming BRT route and all.
Malik has previously said that if his group doesn’t receive local money, then it will decide to develop the property in a different way.
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I agree, and another continuation of your point is that these funds aren’t tied to property tax, income tax, or some other “required” tax. Someone correct me if I’m wrong but these funds are only being collected via hotel and restaurant spending, correct? I can’t understand the disdain for using hotel/restaurant tax to help fund a development that will proposedly double the number of hotel rooms downtown.
My only concern is that the public funds will disincentivize good programming to ensure the operation of the stadium is profitable. I would rather the money be earmarked to make improvements to the property per a master plan instead of maintenance/upkeep. Let the full financial overhead of the stadium create incentive for creative, profitable use of the stadium over time.
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I think this is why the where for public spending matters, so the rumor @JosABanks pointed out from Twitter is something to keep an eye on.
If public funds are for public infrastructure and interfacing with the rest of Raleigh, then I think it’ll support what you’re going for. If it’s going for the stadium’s debt financing, instead,… less awesome.
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In the press conference today they basically said that statement is no longer operative. They said they can not and will not go forward without the stimulus of the interlocal funds money.
I’m assuming they didn’t want to be seen as negotiating against themselves.
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