There is a factual error in today’s local Knight Ridder outlet rundown of the grand plans for Uptown baseball. Cited as a plus for one proposal: “The Knights’ apparent willingness to pay for the stadium.”
The minor league plan backed by Center City Partners features a privately-built stadium only at first glance. The stadium would, in fact, be heavily subsidized by the city of Charlotte via the proposed absence of any property tax on the structure. The city would be helping the team make its financing work by allowing tax money to flow instead toward debt service.
To recap, Charlotte Knights owner Don Beaver owner has said for years he could only afford to put $17 million toward an Uptown stadium. Now, with this latest proposal, he can afford $34 million. What has changed? Nothing except the expectation that he will not have to pay taxes on the project. This substantial and ongoing operational public subsidy cannot be overlooked.
It might make for clumsy reading, but calling the stadium “privately-built with a public subsidy” captures the reality much better than saying the team will build the stadium. That description keeps the essential public expense of the project, easily hundreds of thousands of dollars a year, hidden from view.
