David Tepper's company says it sent notice to terminate Panthers project in Rock Hill – WSOC TV

David Tepper’s company says it sent notice to terminate Panthers project in Rock Hill – WSOC TV

ROCK HILL, SC — David Tepper’s LLC has released a statement after pausing construction on the team’s practice facility in Rock Hill, saying it has sent notices to the city of Rock Hill to formally terminate its previous agreements.

Channel 9 has previously reported the Carolina Panthers owner’s LLC, GT Real Estate Holdings, has invested more than $170 million into the development. The contract for the project was 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 failed to get the finances to pay for public infrastructure.

On April 1, the city of Rock Hill and York County Council said they supported starting construction again on the $225 million development, according to a new resolution.

“The city remains supportive of the project and especially recognizes that restarting construction and development of the project will benefit residents of the city, county and the entire state of South Carolina,” the resolution reads.

A GTRE spokesperson shared the following statement with Channel 9 on Tuesday:

“On February 26, 2021, the City of Rock Hill became delinquent on their obligation to fund the public infrastructure. Despite our persistent efforts throughout 2021, the City of Rock Hill failed to issue the bonds or provide the funding for the public infrastructure for the project.

“On March 18, 2022, GTRE issued a default notice and the City did not cure its default within the prescribed 30-day cure period. It is unfortunate that some recently decided to conduct a misguided, destructive public relations campaign to obscure their failures.

“We have sent notices to the City to formally terminate the previous agreements. Accordingly, we are prepared to sit down with the City and other interested parties to discuss the significant challenges ahead.”

Channel first heard from Tepper Sports & Entertainment on March 7, when it first confirmed it had paused construction on the project because the city of Rock Hill failed to provide the money. However, Rock Hill leaders said they were prepared to issue bonds, but that the Panthers told them not to.

South Governor Henry McMaster said he was disappointed to hear the news and he 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 worth of records for job recruitment, 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 condition ever, with the largest budget surpluses, the largest rainy-day reserves, and the lowest debt in our history.

“South Carolina is winning, and we intend to keep winning. The best is yet to come!”

(WATCH BELOW: Congressman Ralph Norman on stalled Panthers facility: ‘Taxpayers deserve better’)

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