County votes on plan to help Panthers development in Rock Hill

YORK COUNTY, S.C. (WBTV) - It looks like a big step forward for the Panthers practice facility under construction in Rock Hill.

Earlier this month, construction on the $800 million facility came to a standstill after Tepper Sports said the city of Rock Hill hadn’t paid them.

Related: ‘Our absolute and professional best’: City leaders speak out about $200M unpaid bonds in Panthers-Rock Hill facility dilemma

During Monday night’s meeting, the York County Council extended a lifeline. It came after a three-hour executive session, where council members voted 4 to 3 on an alternative plan to finance the deal.

It’s called a Fee in Lieu of Tax and Incentive agreement. The resolution requires no borrowing from any local government.  Instead, it requires the Carolina Panthers to fund infrastructure upfront for construction of the headquarters and practice facility. 

York County will offer the Panthers special source revenue credits, paying the Panthers back through tax credits.  

That means York County, the City of Rock Hill and the Rock Hill School District will forgo additional tax revenue from the project. 

In order for local governments to avoid borrowing funds, additional tax credits were necessary for the project. However, this resolution has significantly reduced tax credits on all future investments after the practice facility and headquarters, which should make these terms better for taxpayers in the long run.

Document: Fee in Lieu of Tax and Incentive agreement

The proposed deal will still have to be agreed to by the Panthers. They were, however, in the talks that put this deal together.

If it is agreed to, the city will have to make some changes to its agreement with the team which will come later.

The earlier deal with the City of Rock Hill required the city to borrow $225 million in bonds, but those bonds were never issued.

On March 7, The Charlotte Observer cited a source familiar with the situation that said the first phase of the construction was slated to be completed in 2023, but the City of Rock Hill reportedly did not make an obligated payment. Tepper Sports paused construction of the facility.

WBTV is reaching out to Tepper Sports to get their take on York County Council’s decision.

In Oct 2020, the Carolina Panthers revealed renderings of their new headquarters and practice facility coming to Rock Hill.

It was a joint reveal from the Panthers, York County, and the City of Rock Hill. The mixed-use site was designed to host Tepper Sports & Entertainment and become a destination for people all over the region.

When completed, the development will include restaurants, retail, a healthcare facility, apartments, hotels, trails, and office space.

The facility will also include a 120,000-square-foot indoor practice facility, a 113,000-square-foot multi-purpose sports and entertainment venue, and outdoor practice fields. The indoor practice field features 80-foot tall operable glass doors and can host athletic events and games, concerts, and other corporate events.

Among the team’s amenities will be a 20,000 square-foot weight room, a 6,000 square-foot locker room, and a 5,000 square-foot hydrotherapy room to aid players’ rehab and recovery.

Key public-facing areas within the development site are highlighted by “The Park.” That is the 5,000-seat outdoor, multipurpose stadium designed to host events like high school football games, soccer games, concerts, and more.

“The Grove” is the open space within the site that has a series of reflecting pools, lighting, and landscape.

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