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Council to open public hearing May 13 on up to $35 million in debt for McCormick Field renovations
Summary
Finance staff told council May 8 that the city will hold a public hearing May 13 on a preliminary resolution to issue debt to fund McCormick Field improvements; the not‑to‑exceed amount in the public notice was raised from $34 million to $35 million to allow issuance flexibility, with final adoption expected May 27 and debt sale in early June.
Finance Director Tony McDowell briefed the council May 8 on the process to issue debt for the McCormick Field project, which the city is funding in partnership with the Buncombe County Tourism Development Authority and the Asheville Tourists ownership.
McDowell said Tuesday’s agenda will include a preliminary resolution and public hearing related to the issuance of debt; the final adoption of the financing resolution is planned for the council’s May 27 meeting and the city intends to sell the bonds in early June to reimburse expenditures already incurred on the project.
“The initial public notice that went out regarding this item had the not to exceed amount at $34 million—we've changed that to $35,000,000 now,” McDowell told council, saying staff adjusted the not‑to‑exceed cap to provide flexibility for cost of issuance and other contingencies. He said the city may not issue the full $35 million but wanted room to cover issuance costs and potential adjustments.
McDowell reminded council that the item is a first step under the city’s financing procedures: adopt an initial resolution, hold the public hearing, and return with a final resolution for adoption later in the month before selling the debt. Council members did not take a formal vote at the briefing; the public hearing and subsequent final vote are scheduled on the regular meeting agenda and a later meeting, respectively.
Staff indicated the financing is part of a partnership funding model that will include contributions or debt‑service support from the Tourists ownership group and Explore Asheville, in addition to county participation.
