ROCK HILL, S.C. — The uncertainty concerning the Carolina Panthers Training Facility and Headquarters project in Rock Hill, South Carolina, got a bit clearer Tuesday when Panthers’ owner David Tepper’s GT Real Estate Holdings told WCNC Charlotte they would be terminating the agreement surrounding the project.
The following statement was sent to WCNC Charlotte Tuesday morning:
On February 26, 2021, the City of Rock Hill became delinquent on their obligation to fund the public infrastructure. Despite our persistent efforts throughout 2021, the City of Rock Hill failed to issue the bonds or provide the funding for the public infrastructure for the project.
On March 18, 2022, GTRE issued a default notice and the City did not cure its default within the prescribed 30-day cure period. It is unfortunate that some recently decided to conduct a misguided, destructive public relations campaign to obscure their failures.
We have sent notices to the City to formally terminate the previous agreements. Accordingly, we are prepared to sit down with the City and other interested parties to discuss the significant challenges ahead.”
The project has now been on hold for more than a month, and despite receiving a new funding offer from both the City of Rock Hill and York County, Panthers owner David Tepper did not respond to the controversy until now.
TIMELINE: Panthers’ Rock Hill training facility
The major construction site on 240 acres has sat idle for weeks, and hundreds of millions of dollars are at stake.
The project was first paused in early March. WCNC Charlotte later learned Rock Hill failed to secure $225 million in bonds to pay for roads, sidewalks and other public infrastructure on the site.
PREVIOUS COVERAGE: Rock Hill has yet to issue $225M in bonds for Panthers project
Two weeks later, York County and then Rock Hill passed resolutions saying if the Panthers paid for the public infrastructure, it would get the money back in tax credits.
“Whenever we issued the resolution, we thought we would hear something immediately, and it’s just been nothing,” York County Councilmember Brandon Guffey, who helped pass the alternative financing resolution, said. “I think resentment is growing daily, not just with the officials, but with the community itself.”
The construction first broke ground in 2020. It was anticipated that the first phase would be completed in 2023, but even if the project resumes, it seems unlikely the deadline will be met.
South Carolina Gov. Henry McMaster addressed the paused facility at a news conference on April 12. McMaster said he’s spoken to Tepper and says he hopes both parties can come to an agreement.
“The state has done its part and we would encourage everyone to resolve whatever differences and let’s get moving,” McMaster said. “We want the Panthers to do the right thing.”
Contact Indira Eskieva at ieskieva@wcnc.com and follow her on Facebook, Twitter and Instagram.
WCNC Charlotte is always asking “where’s the money?” If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.