The Charlotte City Council will vote to stick creditors with $22.8 million of debt owed for the NASCAR Hall of Fame. Debtors include NASCAR, Wells Fargo and Bank of America. Last year the NASCAR Hall of Fame only attracted 170,000 visitors which is a mere 230,000 short of the projected 400,000 visitors. Even after failing to pay debt obligations the NASCAR Hall of fame is projected to lose up to $500,000 per year. For the sake of the Queen City let’s hope debt projections fall short like they did for the attendance projections. Read all about it in the Charlotte Observer.
Now if you think Charlotte leaders have learned their lesson about “public investment” they are considering a sports complex for $37 million.
Charlotte has a population of 792,862 which is a mere 735,908 more people than Rocky Mount and they still fall short. Based on Charlotte’s plight does the Rocky Mount City Council still think they should spend taxpayer money for an event center?
JAN
Well I know the people will not get a vote on this event center, mainly because the Majority of the city council wants this. I believe if we were to dig deep into this project we may find that certain council members may have a vested interest in the event center, therefore it will be built and the citizens will have NO SAY in this matter. What are your thoughts, Rocky Mount?
Yes, the council thinks so; the public no. Does our opinion matter, probably not
All politics, no common sense.
The city of Charlotte could put a lean on individuals property within the city limits. Then the people would have to pay the lean off in an increase of taxes. City needed to know what they are doing when they go into debt. Property owners could lose their homes. The event center will not pay for it self. The council agreed to that themselves. The center will lose over $500,000 a year.