You have got to be kidding. With signs all around us that bank lending is very tight and getting tighter — another Uptown tower delayed by lender skittishness* — the Mecklenburg County Commission cannot be seriously considering tearing up its months-old agreement with the Charlotte Knights.
That agreement required the Knights to secure bank funding for a $35 million stadium. This is the only major investment the team must make in the Uptown venture as site prep, infrastructure, and the land are coming via millions in public subsidy. Yet now the team is saying it cannot close on financing for several more months and county staff want the county commission to let that slide.
No way. Not until the financing is lined up and vetted by the county should the county execute the sweetheart lease agreement with the team. The public deserves some protection for its millions invested in the project. Without an advance look at the financing it is impossible to tell if the Knights will have the cash flow required to handle the debt load. Gee, it is not like we didn’t just go through this with the U.S. National Log Flume Ride.
The original agreement had the financing requirement in it for good and solid reasons. It would be the height of folly and extremely irresponsible to toss that requirement at the 11th hour and once again leave the taxpayers of Mecklenburg County in the lurch.
*Ignore the incorrect subhead. Lenders pulled out when permitting took too long.
