Raleigh Council Rejects Arena Plan
Posted April 2, 1997
RALEIGH — In a 4-4 vote, Raleigh's City Council Tuesday night rejected Wake County Commissioner's latest proposal for financing a proposed arena.
The council's vote leaves the Centennial Authority with no way to make up a $48 million shortfall on the $120 million sports complex. Neither have the two bodies agreed on how any revenues would be shared.
The impasse throws negotiations on the sports complex into confusion. County Commission Chairman Stewart Adcock said he feels some council members were determined to stop the arena.
Council members who voted no Tuesday night were Mayor Tom Fetzer, Paul Coble, Marc Scruggs and Kieran Shanahan.
Those in favor were Julie S. Graw, Stacy Miller, John Odom and Brad Thompson.
The vote means that the council missed its self-imposed deadline of March 31 for completing a financing arrangement. The timetable has been pushed back another month. The commissioners had already set their deadline for April 30.
Odom said he doesn't know where the arena concept will go from here. "It may be dead."
Graw said Tuesday's vote may have been the "deal-buster."
Clyde Holt, the arena authority's attorney, said even if the arena is eventually approved, he worries that delays could result in higher construction costs.
"With a project of $100 million, inflation or a slight increase in the inflation rate it can have a tremendous impact on the end result," he toldThe News & Observer.