Council approves initial resolution to pursue up to $35 million in bonds for McCormick Field improvements

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 Tourist minor-league baseball team.

"We want to make sure we issue the debt before June so that we can get the cash in to cover those expenses that we've already incurred," McDowell said. The council adopted an initial resolution at the meeting and will be asked to approve a final, authorizing resolution at a subsequent meeting; McDowell said the sale and closing calendar anticipates a bond sale in mid-June and closing later in the month.

Why it matters: The initial resolution and public hearing are statutory steps required by North Carolina law before municipal debt is issued. The council took action to preserve the city's ability to reimburse pre-issuance costs and to lock the financing schedule; the city and its partners will still be required to complete further approvals, including by the Local Government Commission.

Key details

The project budget for McCormick Field is roughly $35 million to $37 million including one-time contributions, McDowell said. The city published required public notices and staff said the initial notice specified $34 million but staff increased the maximum requested in the resolution to $35 million to preserve flexibility given market conditions and issuance costs.

Schedule and next steps

McDowell outlined the statutory schedule: the council must hold a public hearing (completed), adopt an initial resolution (completed), adopt a final approving resolution at a subsequent meeting (planned), receive review from the North Carolina Local Government Commission (agenda for June 3) and proceed to market for the sale (anticipated June 11) with a closing targeted for June 25 to place bond proceeds in the current fiscal year cash flow.

Action taken

Council adopted the initial resolution authorizing staff to pursue limited-obligation bonds for McCormick Field improvements. The council did not adopt final debt documents at the meeting.

Ending

The city will return with a final resolution for council approval and then seek required state approvals; staff emphasized the action taken preserves the city's reimbursement options and its ability to close financing within the current fiscal-year timetable.