David Tepper, owner of the Carolina Panthers, has stopped construction at the $800million practice facility in Rock Hill. This was due to concerns about a lack funding from the city for the infrastructure.
According to a Tepper Sports and Entertainment spokesperson, $170 million has been invested in the project.
The statement stated that “our partners were unable to contribute to the agreed-upon investment to finance the construction of public infrastructure.” The statement stated that the difficult, but wise decision to suspend the project was made due to economic realities. We will continue to work with our partners to find an economic solution that all parties can agree on to keep this project going in Rock Hill.
The facility, which covers 240 acres, was scheduled to open in 2023.
Mark Hart, chief operating officer of the Panthers, wrote a May letter to David Hudspeth, York County manager, asking for assistance after Rock Hill was unable to obtain infrastructure bonds.
Hart stated that “until we have a pathway to the $225,000,000 bond proceeds, there is a high chance necessary infrastructure objectives won’t be met.”
The letter stated that the bonds would be issued on October 31, 2000. However, the deadline was extended to February 26, 2021. The bonds were not secured for more than a decade.
Public infrastructure is the road network, water, sewerage, and power lines that connect to facilities.