Title
Beemok Sports, LLC Agreement
Action
Action:
A. Authorize the City Manager, or his designee, to negotiate an agreement or agreements, between Beemok Sports, LLC and the City of Charlotte in an amount not to exceed $65,000,000 to assist with construction costs associated with a world-class tennis campus at The River District that will house the Western & Southern Open as well as other year-round tennis and entertainment events, and
B. Adopt a budget ordinance appropriating $65,000,000 in proceeds from Certificates of Participation in the Convention Center Fund for construction costs of the tennis campus at The River District.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Teresa Smith, Finance
Explanation
* Beemok purchased the Western & Southern Open that is currently hosted at the Linder Family Tennis Center in Mason, Ohio.
* Beemok seeks to relocate the Western & Southern Open to Charlotte and design and construct a world-class tennis campus at The River District, in council district 3, that is anticipated to include:
* Four major stadiums,
* A 14,000-seat center court facility,
* 40+ hard, clay, indoor and pickleball courts,
* A 50+ acre campus with ample greenspace, integrated into the Mecklenburg County's park system and nearby greenways,
* Vehicle parking capacity of 10,000 (necessary for the Western & Southern Open),
* 45,000 square foot player/academy building, and
* A world class pickleball facility.
* In addition to hosting the Western & Southern Open, the project would host a variety of other professional and amateur tennis tournaments, promote youth and adult tennis development, and serve as a major community investment catalyst.
* The total project cost for the new tennis campus at The River District is more than $400 million. The public investment for the project is targeted at approximately one-third of the total project cost. Public investment from the city, county, and state is being requested.
* Land the airport curr...
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