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Mudcats Stadium Financing and Repayment Explained

As the City of Wilson gears up to welcome the Mudcats to their new stadium, many residents are curious about how the project will be financed and repaid. In a recent meeting, city officials shed light on the details of the bond financing process.

According to Brown, a resident and real estate agent who has been keeping an eye on the project, the city plans to seek special obligations bonds to finance the $69 million stadium construction. These tax-exempt bonds carry a 4.5% interest rate, which officials say is competitive compared to other options.

Brown, who owns Dominik Realty Group in Wilson, expressed his enthusiasm for the project, saying that he thinks it will be great for the city. However, he also emphasized the importance of ensuring that the Mudcats' move does not come at the expense of another beloved Wilson institution, the Tobs.

Other stakeholders, including Ryan Simons, President of the Wilson Chamber of Commerce, Douglas Searcy, President of Barton College, Jennifer Lantz, Executive Director of the Wilson Economic Development Council, and Charlie Bedgood, Chair of the Wilson Tourism Development Authority, all voiced their support for the project during a public hearing.

As part of the agreement, the city will acquire land around the stadium's borders through previously negotiated agreements. These agreements are contingent on the construction of the stadium, which is expected to break ground soon.

While some residents may be concerned about the cost and repayment of the bonds, officials say that the city will seek a 25-year term with the Local Government Commission. This means that the city will have ample time to repay the debt without placing an undue burden on taxpayers.

In fact, Goings noted that the city could potentially negotiate for a lower interest rate down the line, which would further reduce the financial impact of the project.

As Wilson looks forward to welcoming the Mudcats and their fans to their new stadium, it's clear that the city is committed to making this project a success. With careful planning and execution, the $69 million investment in the stadium is expected to bring significant benefits to the local economy and community for years to come.

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