ROCK HILL, SC — David Tepper’s LLC has released a statement after construction of the team’s practice facility in Rock Hill was halted, saying it has sent notices to the City of Rock Hill to officially terminate its previous agreements.
Channel 9 previously reported that the LLC owned by the Carolina Panthers, GT Real Estate Holdings, has invested more than $170 million in the development. The contract for the project was entered into between the City of Rock Hill and GT Real Estate Holdings.
Tepper Sports and Entertainment paused construction in early March, saying the City of Rock Hill had failed to raise the funds to fund public infrastructure.
BREAKING: The construction contracts for the Panthers’ Rock Hill project have been officially terminated, according to a statement by GT Real Estate Holdings. GTRE says it issued a reminder to the city on March 18 @wsoctv pic.twitter.com/VnaVrCohYg
— Tina Terry (@TinaTerryWSOC9) April 19, 2022
On April 1, the City of Rock Hill and York County Council announced their support for the start of construction on the $225 million project under a new resolution.
“The city continues to support the project and specifically recognizes that the resumption of construction and development of the project will benefit residents of the city, county and the entire state of South Carolina,” the resolution reads.
[ PREVIOUS COVERAGE: Deal or no deal? Local leaders want to hear from Panthers on paused Rock Hill HQ project ]
A GTRE spokesman shared the following statement with Channel 9 on Tuesday:
“On February 26, 2021, the City of Rock Hill defaulted on its public infrastructure funding obligation. Despite our persistent efforts in 2021, the City of Rock Hill has failed to issue the bonds or provide public infrastructure funding for the project.
“On March 18, 2022, GTRE issued a payment request and the city did not resolve the default within the required 30-day healing period. It is unfortunate that some have recently decided to run a misguided, destructive PR campaign to cover up their failures.
“We have sent notices to the city to formally cancel the previous agreements. Accordingly, we stand ready to sit down with the city and other interested parties to discuss the major challenges.”
[ READ MORE: York County councilman ‘not optimistic’ on plan for Panthers practice facility ]
Channel first heard from Tepper Sports & Entertainment on March 7, when it first confirmed that construction on the project was on hold because the City of Rock Hill did not provide the money. However, Rock Hill leaders said they were willing to issue bonds, but the Panthers had forbidden them from doing so.
South Governor Henry McMaster said he was disappointed to hear the news and released the following statement to Channel 9:
“Today’s announcement by the Panthers is a disappointment as we had hoped they would be a part of South Carolina’s record-breaking, booming economy.
“In 2021, we broke a decade’s records for hiring, investment and expansion, announcing 18,000 new jobs and $5.6 billion in capital investment. And our state government’s finances are in the strongest shape ever, with the largest budget surpluses, the largest rain reserves, and the lowest debt in our history.
“South Carolina is winning and we intend to keep winning. The best is yet to come!”
(CLOCK BELOW: Congressman Ralph Norman on stalled Panther facility: “Taxpayers Deserve Better”)
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