Fayetteville city and Cumberland county policymakers have resolved their funding differences on a pair of downtown development issues. Cumberland County commissioners voted unanimously to reaffirm their support of the Hay Street minor league baseball stadium. And they agreed to continue funding their share of the Franklin Street parking garage through 2030.
Fayetteville Mayor Mitch Colvin said at a recent meeting of the Fayetteville-Cumberland Liaison Committee that he and County Commission Chairman Larry Lancaster had discussed the agreements.
“I applaud Chairman Lancaster and the commission for partnering with us in this transformative project,” Colvin said. “This is a new day in our community, and I am excited about our future.” City council confirmed minor revisions county government agreed to.
Commissioner Jimmy Keefe said the county had intended to help pay for the garage until the debt was paid off. He made the motion to adopt the interlocal agreements that had previously been agreed to by city council. “We are getting to where we need to be with the city of Fayetteville,” he said. Keefe served for several years on city council before being elected to the county board.
County Attorney Rick Morefield told commissioners his review of the agreement from the city was in keeping with county expectations.
The city is building a $33 million baseball stadium on Hay Street that will be home to a Houston Astros’ advance single-A farm team. City and county officials agreed a year and a half ago to jointly support the project, but the city’s baseball committee became concerned when county government sought to modify its funding of the parking deck. The city, county and Fayetteville Public Works Commission shared in the construction cost of the four-story garage. Any change in that arrangement would have negatively impacted the business plan adopted for the ballpark.
County commissioners this month agreed to rebate 100 percent of county property taxes earned from new development associated with the stadium for five years and 75 percent for the following 15 years. City council made an identical pledge of financial support.
PCH Holdings, a Durham-based private developer, is renovating the former Price Charles Hotel adjacent to the stadium. It will be transformed into an apartment building, with the eighth-floor ballroom becoming a posh, high-level apartment.
The firm also plans to build a four-story hotel atop a new four-story parking garage immediately adjacent to the Fayetteville train station. PCH Holdings also plans on developing the commercial property it has acquired in the available acreage surrounding the ballpark footprint. The numerous projects, including the stadium, are expected to represent $100 million in economic development.