Laserfiche WebLink
181 <br /> <br />debt service, it will be considered a loan to the Regional Sports <br />Commission, and be reimbursable when revenues are sufficient to <br />cover the repayment. <br /> 4. The Piedmont Sports Commission will be established to own, <br />operate, and manage the Sports Complex, including the acquisition of <br />the site, construction of the professional baseball stadium, <br />softball fields, little league baseball fields, soccer fields, <br />parking and all support facilities associated with the Sports <br />Complex, and negotiating the lease with the professional baseball <br />team owner(s) for use of the stadium. <br /> 5. The total cost of the professional sports facility will not <br />exceed $5.0 million and the cost of the amateur complex will not <br />exceed $3.0 million. Private donations will be raised by the <br />Kannapolis Chamber of Commerce's Sports Task Force and others for <br />the construction of the Sports Complex in the amount of $3.5 <br />million. If private donations are raised in excess of the budgeted <br />amount, all such proceeds will be placed in a reserve fund for <br />future repairs, capital improvements or debt retirement as <br />determined by the Sports Commission. <br /> 6. Title to any property purchased will be conveyed to the <br />Sports Commission. The Sports Commission will be responsible for the <br />maintenance and operation of the professional stadium and adjoining <br />property. <br /> 7. The Sports Commission will provide the City of Kannapolis <br />with a long-term agreement and otherwise total access to available <br />properties for its use in providing amateur competition sporting <br />events and city recreational services. It will be the intent of the <br />Sports Commission to allow the city of Kannapolis to utilize the <br />amateur complex facilities for its city recreation program as well <br />as organized competitive baseball, softball and soccer tournaments. <br /> 8. The Sports Commission will contract with the franchise <br />owner(s) for the lease of the stadium for a period not less than the <br />original debt service period for the financing. Proceeds from the <br />lease would be utilized and directed by the Sports Commission to <br />retire the debt associated with the initial borrowing of funds for <br />the construction of the Sports Complex. <br /> 9. Ail proceeds generated by the Sports Commission from <br />rentals, leases (other than the professional contract), concessions, <br />etc. will be directed into a reserve fund for use by the Sports <br />Commission in maintaining, repairing and expanding the stadium and <br />related support facilities, including the grounds, roads, signs, <br />buildings, structures, lighting and other items necessary to <br />maintain the integrity of the stadium and complex. <br /> 10. Ail proceeds generated from the operations of the amateur <br />sports complex, as well as all costs incurred, will remain the <br />responsibility of the city of Kannapolis through the long-term <br />agreement, mentioned above. <br /> 11. Any funds received from the renewal or resale of sky boxes <br />in excess of costs of repairs and/or upgrades to them for renewing <br />the sky box leases will be used to retire the indebtedness incurred <br />by the three governmental units. <br /> 12. The three governmental units will agree to designate a <br />geographical area surrounding the sports complex (Sports Impact <br />Zone) whereby recognition can be made of expanded growth from the <br />presence of the Sports Complex. The Sports Impact Zone will extend <br />from the Lane Street (Cabarrus County) interchange to the Moose Road <br />(Rowan County) overpass and will represent direct growth and <br />expansion in businesses (lodging, food, gasoline, etc.) as a result <br />of the presence of the Sports Complex. During the period of the <br />retirement of the initial indebtedness, Cabarrus and Rowan Counties <br />will recognize and determine the amount of additional local option <br />sales tax generated from the Sports Impact Zone and use the amount <br />of expanded tax to offset the initial amount of indebtedness. <br /> 13. It is the intent of this plan to construct the facilities <br />as recommended by the regional sports task force under the initial <br />capital project. The Sports Commission will contract with a <br />professional contractor under the purchasing procedures of the North <br />Carolina General Statutes for the construction of the Complex. Rowan <br /> <br /> <br />