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Carolina Panthers owner David Tepper's real estate company wants to revoke a bankruptcy settlement it negotiated with the city and county where its abandoned practice facility was supposed to be built in South Carolina. GT Real Estate Holdings says Rock Hill and York County are making exorbitant and unreasonable demands. Tepper's company offered $21 million to York County. It suggested giving the proceeds from selling part of its site in Rock Hill so the city would get at least $20 million. York County says it is entitled to more than $80 million. Rock Hill wants the bankruptcy case be heard in South Carolina instead of Delaware, where GT Real Estate Holdings is incorporated.
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Carolina Panthers owner David Tepper's real estate company has proposed to pay more than than $82 million to creditors over an abandoned $800 million practice facility project in Rock Hill, South Carolina. Tepper's company GT Real Estate Holdings filled for Chapter 11 bankruptcy in Delaware on June 2. Under this plan, GTRE would resolve claims by paying $60.5 million in cash funded into a settlement trust for contractors and others, $21.1 million to York County and $20 million or more to the City of Rock Hill. DT Sports Holding, LLC, a Tepper entity, previously funded $20 million in debtor-in-possession financing. Tepper, one of the NFL's richest owners, had invested more than $175 million in the half-built facility. The plan requires approval from courts and creditors.
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Rock Hill's Southside is a place where African-Americans hold modest real estate wealth. But with fewer families interested in staying, long-established neighborhoods are slowly disappearing.
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The first female mayor of Rock Hill who was known as a civic booster who was instrumental in building its premier recreational complex and other infrastructure has died. Elizabeth Josephine "Betty Jo" Dunlap Rhea died Monday. She was 91. The Herald reports Rhea was mayor from 1986 to 1997. The newspaper reports she led the city through growth and development of new industries after the region's textile mills closed. Mayor John Gettys, the city's current leader, said in a statement that Rhea's vision for the city has been a benefit for all its residents and visitors.
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The county says it wants $21 million back from Tepper's 'failed vanity project'
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The real estate entity behind the doomed $800 million project filed for Chapter 11 in Delaware Wednesday.
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U.S. Rep. Ralph Norman (R, 5th) was a commercial developer before he got into politics. He offers a perspective that 'all is not lost,' even if the Carolina Panthers bail on Rock Hill.
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The Carolina Panthers spoke to the world Tuesday for the first time in more than a month about the team's planned HQ in Rock Hill.
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City officials say they've made it clear from the get-go that Rock Hill 'would not, could not, should not backstop this debt.'
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Carolina Panthers owner David Tepper has paused construction on the team's $800 million practice facility in Rock Hill, South Carolina citing concerns over a lack of funding from the city needed to complete the project's infrastructure. Tepper has invested $170 million into the project, according to a statement from a spokesman for Tepper Sports and Entertainment on Monday. In the statement, it says TSE has "been unable to contribute the agreed upon investment to fund the construction of the public infrastructure." The practice facility was set to open in 2023.