The Charlotte City Council’s economic development committee has voted to decline an offer by Mecklenburg County Commissioners to deed Memorial Stadium to the city so that the 16-acre site could be redeveloped into a 20,000-seat soccer stadium. Charlotte City Council will likely vote next month on the committee’s recommendation, which comes two weeks after commissioners opted to withhold funding for the proposed $175 million project. In other soccer news, Charlotte is considering applying to host a game for the 2026 World Cup.
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Wake County Manager Jim Hartmann will resign from his position on Oct. 27, saying he plans to return to his home state of Florida. Hartmann, who has been the county’s top administrator for three and half years, says his decision is unrelated to an ongoing investigation into some $895,000 in missing funds from the Wake County Register of Deeds office. Hartmann launched an audit of the department in February, and one employee has admitted to taking $50,000 in cash. The remaining funds are unaccounted for.
Laboratory Corporation of America Holdings has priced a $1.2 billion debt offering that will occur in two $600 million tranches. Burlington-based LabCorp, one of the largest independent clinical laboratories in the United States, says it will use the funds for general corporate purposes, including the repayment of outstanding senior notes. LabCorp’s $1.2 billion acquisition of British contract research organization Chiltern International is slated to close in the fourth quarter.
The Charlotte City Council’s economic development committee has voted to move forward with a plan to use $31.2 million in public funds for infrastructure improvements surrounding the planned River District mixed-use project in west Charlotte. Developers Lincoln Harris and Crescent Communities have committed an additional $30 million for the first phase of road projects. City Council will likely vote on the proposal at its Sept. 25 meeting.
Raleigh Durham International Airport will purchase four electric buses to ferry passengers between terminals and park-and-ride lots, beginning in the spring of 2019. The airport will fund the $3.4 million project, which includes installing charging stations, with the help of a $1.6 million grant from the Federal Aviation Administration for zero emission vehicles. The 40-passenger buses will be manufactured by Proterra Inc. of Greenville, S.C., at a cost of $721,650 each.
Federal prosecutors have charged a former Bank of America Corp. tech consultant with using the bank’s internal deal tracking system to provide non public information to friends who then netted more than $5 million in illegal trading profits. The trades were in more than two dozen securities, according to the indictment. The SEC has also brought insider trading charges against the former employee, Daniel Rivas, and several other individuals.
Canadian investment group TRC Capital has approached British American Tobacco shareholders with an undervalue offer for their holdings. It is the second time in less than two years that the company has targeted legacy Reynolds American Inc. shareholders. The offer comes just a few weeks after BAT purchased Winston-Salem-based Reynolds for $54.5 billion.
The Gastonia City Council has voted to spend nearly $1.3 million to hire a Missouri-based architectural firm to complete architectural and engineering work on a proposed baseball stadium west of downtown. Pendulum Studio, based in Kansas City, will work on the plan over the next year. The stadium is considered the centerpiece of the city’s larger Franklin Urban Sports and Entertainment district development project.
New York buyout firm Kohlberg Kravis Roberts & Co. has sold $711 million worth of its stock in Raleigh-based clinical research company PRA Health Sciences Inc. KKR sold 9.5 million shares at an average price of $74.85, but still owns 13.2 million shares valued at $1 billion. In related developments, the CEO of PRA Health has netted $27.6 million from the sale of 400,000 shares of company stock. Colin Shannon sold the shares after exercising options. PRA announced this month that it would acquire Pennsylvania-based Symphony Health Solutions Corp. for $530 million in cash.
Wells Fargo & Co.’s brokerage business has been hit by a wave of departures since last September, when federal regulators fined the bank $185 million for opening accounts without customers’ knowledge. According to a report by InvestmentNews, 70 teams of advisers working with $19.2 billion in client assets have exited the bank from last October through June. Over the same period, Wells Fargo Advisors added 13 teams of advisers with $1.7 billion in assets under management.