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Council approves annexation and rezoning for Racetrack development and authorizes bonds to reimburse stadium work
Summary
The High Point City Council approved annexation and zoning for a 10-acre commercial tract tied to a Racetrack project and adopted a resolution to authorize limited obligation bonds to reimburse past stadium modification expenses, moving forward with a recommended TD Bank loan structure.
The High Point City Council voted on three items during the meeting: (1) annexation of a 10‑acre tract and (2) a rezoning to support a commercial development associated with the Racetrack organization, and (3) an initial resolution authorizing limited obligation bonds to reimburse previously incurred stadium modification costs.
Annexation and rezoning: The council considered annexation item 2025‑058 and zoning map amendment 2025‑059, both related to a roughly 10‑acre tract in the northern portion of the city planning area to support a commercial development. Herb Shannon, senior planner, said staff had previously presented the items and that no additional public comment had been received since the February 17 public hearing; staff recommended approval and the Planning and Zoning Commission had recommended approval. Mark Isaacs, speaking for the Racetrack project team, said representatives were available for questions. The council moved and approved both items; Councilmember Holmes thanked the Racetrack organization and welcomed the development to Ward 6.
Stadium bonds: The council opened a public hearing and considered an initial resolution authorizing up to $6.8 million in limited obligation bonds to reimburse the city for stadium modifications related to a professional soccer team and earlier project expenses. Bobby Fitzjohn, the city’s financial services director, said staff solicited bank proposals and recommended a direct bank loan; TD Bank offered a 15‑year option at 5.53% with a call date of April 1, 2028, which staff recommended. The council adopted the resolution authorizing staff to negotiate the amendment to the installment financing contract and related matters.
All three motions passed with the chair calling for the ayes; no roll‑call vote totals were provided on the record.
