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City Told It Can Save $102 Mil by Combining Arena, Other Projects

CHARLOTTE-City leaders are bundling a new Downtown arena with six other Downtown projects. Because five of the projects would be nonprofit and cultural, tax-exempt bonds with lower interest rates could be used.

By Brian Falk | Updated on February 22, 2001

CHARLOTTE-A financial consultant has told the City Council it can save an estimated $102 million if it combines a new Downtown arena with six other major projects. The savings would come from the difference in interest if the projects can be financed with tax-exempt bonds.

In addition to the arena, the city hopes to build one other for-profit project and five nonprofit cultural projects. Consultant Doug Carter told city leaders that if the IRS believes the projects are intended to be part of a single effort, it may bestow tax-exempt status on the whole deal. Carter is managing director of public finance for the investment firm of Morgan Keegan. He served previously as the city’s finance director.

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