Local News

Proposed Raleigh Arena Gets Boost from NationsBank

Posted Updated
Switch to classic wral.com

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

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

Financial advisers say the arena authority needs to beginissuing 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 tohelp finance the 21,000. It has not borrowed themoney yet because Raleigh and Wake County have details to stillwork out.

ImageFeedback