THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Wednesday, February 5, 1997 TAG: 9702050505
SECTION: LOCAL PAGE: B2 EDITION: NORTH CAROLINA
SOURCE: ASSOCIATED PRESS
DATELINE: RALEIGH LENGTH: 27 lines
The City Council voted Tuesday to spend another $48 million on a 21,000-seat sports arena despite opposition by some members who wanted to put the arena issue up for a local referendum.
Council members voted 5-3 to pledge the money from the city and Wake County's hotel and motel taxes toward repaying loans for the 660,000-square-foot arena, which would be built on land in west Raleigh near Carter-Finley Stadium.
The repayment plan approved by council members and crafted by Councilman John Odom requires the Centennial Authority that would operate the arena to give $2 million in annual arena revenues to Raleigh and Wake County.
The money could be used for whatever services local governments choose, Odom said. The plan now goes to county commissioners, who are expected to approve the agreement.
Centennial Authority chairman Steve Stroud said ground can be broken within three months and bids can be taken within 45 to 60 days. N.C. State University has wanted a new building for more than a decade.
KEYWORDS: ARENA