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File #: 15-20418    Version: 1 Name:
Type: Business Item Status: Agenda Ready
File created: 5/16/2023 In control: City Council Business Meeting
On agenda: 6/12/2023 Final action:
Title: Beemok Sports, LLC Agreement
Attachments: 1. May 10, 2023 Joint City County ED Committee Meeting, 2. May 22, 2023 Action Review Presentation, 3. Project Break Point Q&A, 4. Budget Ordinance
Beemok Sports, LLC Agreement

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.

Staff Resource(s):
Tracy Dodson, City Manager's Office
Teresa Smith, Finance

* 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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