ROCK HILL, S.C. (QUEEN CITY NEWS) — The City of Rock Hill and Carolina Panthers owner David Tepper have reached an agreement on a $20 million settlement over the failed team headquarters project, according to court documents.
If approved, the settlement would resolve all of the pending lawsuits between the city and GT Real Estate Holdings, LLC.
In August, Tepper’s real estate company announced a plan to make $82 million available to resolve all of the claims related to the failed practice facility.
Under that proposed plan, $60.5 million in cash would be funded into a settlement trust for contractors, subcontractors and general unsecured creditors. GTRE said it believed the funds would be sufficient to pay all “allowed claims in full.”
$21.165 million in cash would go to reimburse York County for the funds it contributed to the project, plus interest. The county had previously filed a lawsuit against Tepper’s companies over “misappropriated” $21 million of public funds meant for the expansion of a roadway.
Another $20 million or more from the sale of the property would be used to make payments to the City of Rock Hill.
The real estate company said the plan reflects its promise to resolve all claims.
GTRE now has a clear path to emerge from bankruptcy made possible by substantial commitments from DT Sports Holding, which has made available to GTRE more than $82 million in cash in an effort to bring this process to an orderly and equitable conclusion. GTRE believes that the Plan is in the best interests of its creditors and anticipates that a hearing to consider approval of the Plan will occur in October of this year.
Tepper’s company filed for bankruptcy in June after the breakdown of the project.
Work on the facility was suspended in March after the Panthers owner’s company blamed officials in Rock Hill for failing to secure the multi-million dollar bonds for the work.
The 245-acre mixed-use site where the failed project sits was officially listed for sale by Colliers in October.
The property, called the Rock Hill Overlook, boasts immediate access to Interstate-77 with a newly constructed Exit 81 interchange coming in May 2023.
There was no word on any potential settlement with York County.