High Point sets March 3 hearing for up to $6.8 million in limited-obligation bonds to reimburse stadium upgrades

The High Point City Council set a public hearing for March 3, 2025, on issuance of up to $6,800,000 in Series 2025 limited-obligation bonds to reimburse expenses for stadium modifications and equipment the city has already authorized.

Assistant City Manager Omedo told council staff is requesting establishment of the March 3 public hearing so the council may receive public comment and, at that meeting, staff will recommend a lender and ask the council to adopt a preliminary findings resolution. Omedo said the bonds would reimburse stadium upgrades that have already occurred.

Staff outlined the anticipated approval timeline: a final resolution authorizing the bond issuance on March 17, an application to the North Carolina Local Government Commission in early April and a tentative closing date of April 10. Mayor Cyril Jefferson moved to set the March 3 public hearing; Councilman Holmes seconded. The motion carried on the ayes as recorded.

No details about specific upgrades beyond "previously authorized stadium modifications and equipment" were provided in the staff presentation; staff told council the March 3 meeting will include more detailed materials and a lender recommendation for council consideration.