Hurricanes Blow Away Arena Debt
Posted July 6, 1998 7:00 a.m. EDT
RALEIGH — There is a plan in the works to pay the cost overrun on Raleigh's entertainment and sports arena. The arena is already $20 to $25 million dollars over budget.
The Carolina Hurricanes and Raleigh's Arena Authority said that a proposal to cover that cost could be voted on this week. It looks like the Hurricanes, not the taxpayers, will pick up the tab.
"It appears that the Arena Authority is not seriously considering coming back to the taxpayers for money," Mayor Tom Fetzer said. "We should breathe a sigh of relief over that one."
The Hurricanes say that it is not the most ideal agreement, but it ensures the arena will be open by the 1999 NHL season.