The Hornets would sign a 25-year lease with the city valued at an estimated $200 million. The city would pay an estimated $235 million for the construction, land acquisition and infrastructure of the property. Voters would need to approve the deal on a November referendum during the city's general election. But Hornet officials feel that date may be too late for them to make contingent relocation plans for the team.

City Council is racing to move the November date up to June so that Hornets co-owner Ray Wooldridge will get the answer he is seeking on whether to keep the team in Charlotte or move it to another city. The council meets March 5.

Wooldridge contends the team is losing $12 million a year because the arena is too small to add at least 60 expensive sky boxes for corporate patrons. He is preparing to apply to the National Basketball Association by March 1 for permission to move the Hornets out of Charlotte for the 2002 season if the proposed deal with the city tanks.