by Sam Hieb
News & Observer reports plans will be unveiled next week for the sports and entertainment complex planned for downtown Raleigh.
Ideally the development would attract a Major League Soccer franchise, but North Carolina Football Club and N.C. Courage owner Steve Malik says the development is not contingent on landing an MLS team because the proposed 20,000-seat stadium could also attract concerts, festivals, college football games and other events.
Of course there is the issue of funding:
Malik, who bought North Carolina FC in 2015, and Kane, the head of Kane Realty, are seeking local funds to help lift the project off the ground.
They hope to receive funds from the Interlocal Agreement to finance the project. That money comes from the Wake County room occupancy and prepared food and beverage taxes. The tax generated around $55 million in the 2018 fiscal year. Money generated by the tax can only be used on tourism-related projects that are likely to bring more visitors to the county.
The group is one of several applying for the money, including the Centennial Authority, which wants to renovate PNC Arena. Malik and Kane are asking for more than $300 million to help fund the stadium, which would be paid out in $11 million chunks each year for 30 years beginning in 2022, they told the N&O previously.
And if public money isn’t allocated for the potential “billion-and-a-half-dollar” project, Malik said he and Kane would develop the land in another fashion.
The site would also be an “opportunity zone” that–as the N&O writes– “allows developers to earn savings on capital gains by investing in economically disadvantaged areas.” With that in mind, Malik says his group hopes to build soccer fields that the Southeast Raleigh community can use.