Proposal for new development, soccer stadium downtown

Proposal for new development, soccer stadium downtown



CBS 17'S SUSANNA BLACK SPOKE TO THE MINDS BEHIND THIS PROPOSAL. SHE EXPLAINS HOW MUCH THIS WILL COST AND WHAT WE'LL GET IN RETURN. I THINK FOR US TO BE A PROGRESSIVE CITY AND TAKE OUR NEXT STEP IN THE NATIONAL LANDSCAPE. WE NEED THIS. WE IS WAKE COUNTY. AND THIS IS DOWNTOWN SOUTH. A PROPOSED SPRAWLING DEVELOPMENT FULL OF RETAIL, HOUSING AND OFFICE SPACE, ANCHORED BY A 20,000-FEET SOCCER STADIUM. THE TIME IS NOW TO GET THAT DONE. AND WE HAVE AN OPPORTUNITY TO DO WHAT HAS NEVER BEEN DONE HERE BEFORE. JOHN CAIN IS ONE OF RALEIGH'S MOST NOTABLE DEVELOPERS. FOR THIS LATEST PROJECT, HE'S TEAMING UP WITH THE NORTH CAROLINA FOOTBALL CLUB. LEADERS PLAN TO CARRY TO THE NEW WAKE STADIUM. THIS TRACK OF LAND WOULD NOT BE BEING DEVELOPED THIS WAY WITHOUT THE STADIUM. AND THAT'S WHY IT'S BEEN SITTING THERE FOR QUITE SOMETIME. SO WHO WOULD PAY FOR IT? CANE SAYS ALMOST ALL OF THE MONEY, $1.9 BILLION WILL COME FROM PRIVATE INVESTORS. THE REMAINING 13 MILLION THEY'RE ASKING THE CITY AND COUNTY FOR FROM THE INNER LOCAL FUND. A POT OF MONEY EVERYONE CONTRIBUTES TO, WHEN DOING THINGS LIKE EATING AT RESTAURANTS AND STAYING IN HOTELS. THE MONEY IS ALREADY THERE. SO IT'S NOT GOING TO ADD TO THE PROPERTY TAXES. DOESN'T HAVE ANYTHING TO DO WITH THAT BUXET OF MONEY. IN FACT, WE'RE GOING TO PUT MONEY INTO THAT BUCKET THROUGH ALL THE INVESTMENTS WE PLAN ON MAKING. IT COULD BRING THE CITY AND COUNTY A RETURN. HONOR R MORE THAN $30 BILLION IN ACTIVITY.

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