Here’s what York County will offer to keep the Panthers headquarters site in Rock Hill
York County provided a copy Tuesday of the county council resolution that outlines economic incentives for the Carolina Panthers headquarters project in Rock Hill.
The resolution shows that the team will receive incentives for four decades in exchange for completing $225 million of public infrastructure at the site off I-77.
Work on the proposed Panthers practice facility and headquarters had been halted because of a dispute about bonds for the $225 million. The bonds had been part of an agreement with the City of Rock Hill.
York County Council approved a resolution Monday night that committed the county to step in and enter in an incentive agreement, not the agreement itself. The city, county and team would need to release one another from the existing incentive deal to move forward with a new one.
Here are some of the details described in the resolution:
▪ Due to delays from the COVID-19 pandemic and up to $225 million in bonds Rock Hill agreed to in spring 2020 to fund public infrastructure that have not been issued, the county is willing to extend development timelines by two years.
▪ GT Real Estate Holdings, which represents the Panthers, will be able to claim special source revenue credits from the county. A special source revenue credit is an option associated with a fee-in-lieu agreement. It allows businesses to pay a negotiated fee for a set period of time rather than pay the standard property tax rate. The source revenue credit further reduces the tax rate, but that money becomes reimbursement for infrastructure costs.
▪ The county would agree, per the resolution, to let GT Real Estate claim source revenue credits against all the fees it it would pay in lieu of taxes for its facility for 30 years. It’s facility is defined in the agreement as the mixed-use development anchored by the team headquarters, practice facility and outdoor stadium sites.
GT Real Estate could claim up to 22% of what it would pay for the fee-in-lieu as source revenue credits for an additional 10 years.
▪ GT Real Estate could claim up to 26% of what it would pay for its fee agreement as source revenue credits for 30 years, on project property that isn’t part of the main facility. GT Real Estate could claim 22% of the amount for another 10 years. The portion defined as the project but not the facility would include a sports and entertainment venue with sites for sports medicine, hospitality, recreation and other sites.
▪ The Panthers would complete the proposed $225 million in infrastructure projects to receive the outlined source revenue credits.
▪ The county manager, county attorney and county economic development director are authorized to negotiate a fee agreement.
This story was originally published March 22, 2022 at 1:54 PM with the headline "Here’s what York County will offer to keep the Panthers headquarters site in Rock Hill."
