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Council approves initial resolution to pursue up to $35 million in bonds for McCormick Field improvements
Summary
The Asheville City Council held the required public hearing and adopted an initial resolution authorizing staff to pursue limited-obligation bond financing of up to $35 million for McCormick Field improvements; debt service will be shared by the city, Buncombe County, the Tourism Development Authority and the Asheville Tourist baseball team.
The Asheville City Council held a public hearing on proposed financing for McCormick Field and adopted an initial resolution authorizing the city manager or finance director to pursue limited-obligation bond financing not to exceed $35 million for capital work at McCormick Field.
Finance Director Tony McDowell told the council the project began last fall and is slated for substantial completion in April 2026; to date the city has spent an estimated $10 million to $15 million on the work. McDowell said the financing plan calls for limited-obligation bonds (LOBs) and that debt service will be funded in partnership by the City of Asheville, Buncombe County, the Tourism Development Authority and the Asheville…
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