City of Rock Hill and Tepper agree to proposed $20 million settlement in failed Panthers draft
ROCK HILL, South Carolina (QUEEN CITY NEWS) – The town of Rock Hill and Carolina Panthers owner David Tepper have reached an agreement on a $20 million settlement over the failed headquarters project of the team, according to court documents.
If approved, the settlement will resolve all pending lawsuits between the city and GT Real Estate Holdings, LLC.
In August, Tepper’s real estate company announced a plan to make $82 million available to resolve all claims related to the training facility’s failure.
Under this proposed plan, $60.5 million in cash would be funded into a settlement trust for contractors, subcontractors and general unsecured creditors. GTRE said it believed the funds would be sufficient to pay all “allowed claims in full”.
$21.165 million in cash would be used to repay York County for the funds it contributed to the project, plus interest. The county previously filed a lawsuit against Tepper’s companies for “misappropriating” $21 million in state funds earmarked for a road expansion.
Another $20 million or more from the sale of the property would be used to make payments to the City of Rock Hill.
The real estate company said the plan reflected its promise to resolve all claims.
GTRE now has a clear path out of bankruptcy made possible by substantial commitments from DT Sports Holding, which has made available to GTRE more than $82 million in cash in an effort to bring this process to an orderly conclusion and fair. GTRE believes the plan is in the best interest of its creditors and expects a hearing to consider approval of the plan to take place in October this year.
Tepper’s company filed for bankruptcy in June after the project fell through.
Work on the facility was suspended in March after the Panthers owner’s company accused Rock Hill officials of failing to secure multimillion-dollar bonds for the work.
The 245-acre mixed-use site where the failed project is located was officially put up for sale by Colliers in October.
The property, called Rock Hill Overlook, has immediate access to Interstate-77 with a new exit 81 interchange coming in May 2023.
There was no word on a potential settlement with York County.
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