Local News

Proposed Raleigh Arena Gets Boost from NationsBank

Posted March 25, 1997 12:00 a.m. EST

— A $5 million line of credit has been offered to the authority that is financing and planning Raleigh's new sports arena next to Carter Finley Stadium.

The credit line would be used to help secure tax-exempt financing for the $120 million project.

Financial advisers say the arena authority needs to begin issuing tax-exempt bonds soon or risk losing its tax-exempt status. The tax exemption would save taxpayers about $1 million a year.

The authority plans to issue $48 million in bonds to help finance the 21,000. It has not borrowed the money yet because Raleigh and Wake County have details to still work out.