I’ve been following the High Point stadium issue for a while, so here’s the latest. On Monday night, the City Council okayed a $35 million limited obligation bond to fund the stadium. They’ll need permission from the Local Government Commission next month.
I expect they’ll get that permission, but for the sake of High Point’s taxpayers, I hope they don’t. Because that $35 million bond will actually work out to $55.3 million over 20 years – $35 million plus $20 million in interest.
That’s an enormous gamble on a project that all the research would suggest has very little chance of succeeding, at least in economic development terms.
