Closings and delays

High Point approves ‘Plan B’ for funding for stadium project

HIGH POINT, N.C. – The High Point City Council is making it clear, the stadium project is moving forward with or without the support of the Guilford County Commissioners. Today it voted to approve a “Plan B” for funding.

Council members decided that the city could take on 40 percent of the project debt by itself, if the commissioners do not come around. They were hoping that debt would be split in half, 20 percent each.

Commissioners decided to postpone their vote of support for another 60 to 90 days a few weeks ago.

The High Point City Council said it would not be able to wait that long to move forward with the project. Plan B would mean it would take almost twice as long to see a profit.

“We have a timeline to move forward, to make sure we get our stadium constructed by May 2019,” said Jay Wagner, Mayor Pro Tem. “Today, kept us on schedule. Numbers we saw today were upwards of $200 million in investment in downtown High Point, that doesn't come around very often. We have to make sure that the commitment we made developers, for people who are wanting to invest, that we make sure that happens.”

Wagner says the council is still hopeful the commissioners will pitch in. It needs to present the plan to the local government commission on December 5th.

The remaining 60 percent of the project is expected to be paid for by parking and ticket surcharges, naming rights and the lease for the team.