Home News York County approves settlement with David Tepper’s real estate company

York County approves settlement with David Tepper’s real estate company

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Rock Hill, South Carolina (WBTV) – York County has approved a settlement with Carolina Panthers owner David Tepper’s GT Real Estate (GTRE) company. A statement released Wednesday night by a county spokesperson claimed that “David Tepper and the Tepper entity acted in good faith” and that they “believe no action of any kind…is justified.” did.

An official statement from York County said: The York County Sheriff’s Office said it would investigate Transfer and Use of Public Funds by Tepper and GTRE. The sheriff’s statement did not include details about which public funds were at issue.

York County and city rock hill It provided millions of dollars to Tepper and GTRE to build an $800 million state-of-the-art practice facility and team headquarters in the area, but those plans were scrapped and construction halted in April. I was.

Under the new settlement, York County will receive $21.2 million in escrow since July 2022 from GTRE affiliates seeking recovery of funds transferred to GTRE in January 2021. increase.

Awaiting court approval.

Previous coverage: Bad Bonds – The failed Panthers-Rock Hill project had big problems from the start.

Once payment is received, the County will withdraw any previous complaints regarding GTRE, David Tepper, or any of the Tepper entities involved in violations of the Penny for Progress Act, C-Fund. increase. Law or other wrongdoing.

Therefore, GTRE, David Tepper and Tepper Entities have acted with integrity. County payments are restored. The county is happy,” the county said. “As a result, the county considers it to have resolved all issues related to county payments and believes that no action of any kind with respect to county payments is justified.”

WBTV’s investigation into the failed Panthers Rock Hill practice facility and headquarters raised questions about whether the project was doomed from the start.

An investigation found that the amount of bond Rock Hill agreed to was far more public investment than other similar projects, while circumventing major oversight procedures.

Under the original agreement between York County and GT Real Estate, York County agreed to transfer $21 million from the Penny for Progress program to GTRE for the construction of Mount Gallant Road on the Panthers Project site. did. According to the agreement, as long as GTRE begins construction “within 24 months after the City issues at least $225 million in SSRB or MID bonds by October 31, 2020,” July 15, 2020. Funds will be sent by date.

In a complaint filed by York County in July, the county alleges that GT Real Estate and the “Tepper Defendants” diverted penny tax funds for purposes other than the Mount Gallant Project.

“Specifically, they used the funds to cover general costs associated with the project,” the complaint reads, noting that Tepper’s company violated penny tax laws and “committed misrepresentation or fraud.” criticized.

In June, GTRE filed for bankruptcy. In August, GTRE Offers $82 Million to pay off Rock Hill’s bankruptcy.

Previous coverage: Panthers terminate deal with City of Rock Hill on new facility

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