team, raising questions for some residents about the future of the arena. The city agreed in 2002 to build the $265million arena. Part of the deal was that the NBA team would operate the facility and keep most of the revenue from it.
City Attorney Mac McCarley sent these answers to commonly asked questions about the city's involvement in the arena:
Q: How long is the agreement with the Bobcats?
Through the end of the 2029-30 NBA season.
Q: What happens if they're sold?
The new owners would be subject to all the same restrictions and guarantees.
Q: Can the team leave?
No. The city may seek an injunction to force the team to honor the commitment to play here, or can enforce liquidated damages of $200 million in the first five years (2005-2010), $150 million in years five to 10, and a declining balance going from $85 million in year 11 down to $7 million in year 25.
Q: What protects the city from the team leaving?
The liquidated damage provisions are guaranteed by the team and by Bob Johnson personally.
CMS offers 300-plus pages of details about budget
Charlotte-Mecklenburg Schools officials have given Mecklenburg County commissioners a little light reading in advance of Tuesday's joint budget meeting: more than 300 pages detailing the request for $351 million in county money for 2009-10.
At this point, it looks like it'll take an economic miracle for that wish to be granted. County Manager Harry Jones expects the schools to take a cut of almost 10 percent, like other departments and agencies the county pays for. If commissioners agree, CMS will enact the four levels of cuts Superintendent Peter Gorman has described. Those are detailed in just two pages of the mammoth budget book."
see details: http://www.charlotteobserver.com/bobcats/story/742538.html
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