The Hornets would sign a 25-year lease with the city valued at an estimated $200 million. The city would pay an estimated $235 million for the construction, land acquisition and infrastructure of the property. Voters would need to approve the deal on a November referendum during the city's general election. But Hornet officials feel that date may be too late for them to make contingent relocation plans for the team.

City Council is racing to move the November date up to June so that Hornets co-owner Ray Wooldridge will get the answer he is seeking on whether to keep the team in Charlotte or move it to another city. The council meets March 5.

Wooldridge contends the team is losing $12 million a year because the arena is too small to add at least 60 expensive sky boxes for corporate patrons. He is preparing to apply to the National Basketball Association by March 1 for permission to move the Hornets out of Charlotte for the 2002 season if the proposed deal with the city tanks.

Even as the city expedites efforts to keep the Hornets in the Queen City, still unanswered are three crucial economic issues: Will the state rebate players' salary taxes; will it allow an increase in the local car rental tax to help pay for the new arena; and is the total financing proposal a good deal for the city and its taxpayers.

Charlotte developer Johnny Harris is convinced the answer to the third question is a resounding yes. He is coordinating various business interests to communicate directly with lawmakers in Raleigh, the state capitol. Their time frame to get the message sent: Three weeks.

Instant Insights /

New Arena Financing Deal Finally on the Table but Time is Running Out on Stay-or-Go Scenario

Related Stories

Recommended For You