Brunswick County says funding proposed baseball stadium may not be ‘prudent’ at this time
BRUNSWICK COUNTY, NC (WWAY) — Brunswick County is not going to invest in the proposed baseball stadium at this time.
The county released a statement Thursday afternoon saying leadership remains committed to only considering financing options that do not require the use of existing county funds, raising property taxes, or using a general obligation bond via voter referendum. The Brunswick County Board of Commissioners says existing residents and property owners will not be asked to fund the construction of the stadium.
REV Entertainment and the Texas Rangers have been in talks to bring a baseball stadium to Northern Brunswick County. The proposed site is off Highway 17 near Brunswick Forest.
Initially, it was proposed that Brunswick County would construct and own the stadium, including the responsibility for any debt issuance associated with the stadium construction. The stadium would then be leased to and maintained by REV Entertainment.
The Town of Leland has led a feasibility and economic impact study to determine if the economic impact and new revenues generated by the mixed-use development surrounding the stadium would be sufficient to offset debt payments for its construction without using any government funds.
We reached out to the Town of Leland for their reaction to the county’s decision. A spokesperson said quote,
“We are disappointed in the county’s current position. The town was only notified about this shortly before you were. We will continue with the economic feasibility study to gain the full information and evaluate those results before making any further decisions.”
We also reached out to REV Entertainment who released the following statement.
“REV Entertainment maintains being fully committed to bringing a baseball and entertainment complex to the Town of Leland. We were notified of Brunswick County’s position this morning and at this town we are continuing to work with the Town of Leland as they continue their due diligence of the project, including the completion of the feasibility study.”
The study is still underway, but Brunswick County says it is currently estimated that the debt needed to fund the stadium’s construction could exceed $100 million.
According to the news release, Brunswick County leadership feels that such an investment may not be prudent for the County to take on at this time.
“We still believe this proposed project has great merit and could potentially provide the desired entertainment, shopping and dining options our residents have asked for over the years,” Chairman Randy Thompson said. “While Brunswick County has decided to not take on debt to finance this particular project, our staff continue to work with all parties involved to find other ways to fund this concept.”
Brunswick County recently addressed this decision with representatives at REV Entertainment, the Town of Leland, and Jackey’s Creek Investors, LLC. Brunswick County says it remains supportive of identifying other potential financing options that do not place a debt burden on county government.
Brunswick County will remain an active participant in all discussions involving the proposed development and staff will continue to collaborate with representatives from all participating entities as the process moves forward.
You can find the full statement from Brunswick County here
