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Hurricanes Extend RBC Center Lease

Friday, 06.13.2008 / 11:01 AM ET / News
By Ken Preston
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Hurricanes Extend RBC Center Lease

Team’s agreement with Centennial Authority/Raleigh, NC arena runs through 2024

RALEIGH, NC—The Carolina Hurricanes and the Centennial Authority, the public/private partnership that developed and owns the RBC Center, today announced that the lease agreement between the entities has been extended by five years. The extension includes the arena management contract with the Hurricanes’ parent company Gale Force Holdings, making the previous 20-year lease, established in 1999, effective through 2024.

"We value our strong partnership with the Centennial Authority and NC State University, ensuring that the RBC Center remains a first-class arena,” said Hurricanes President/General Manager Jim Rutherford. “The extension of our lease displays the confidence that we have in the growth of hockey in this market."

The five-year extension was the result of nearly two years of negotiations involving the Hurricanes and the partners comprising the Authority, including the City of Raleigh, Wake County and North Carolina State University.

“We are extremely pleased with the terms of the lease extension,” said Centennial Authority Chairman Ray Rouse. “The agreement represents a mutual commitment to the long-term viability of the RBC Center as the home of the Hurricanes and NC State basketball, and as a world-class events venue for our growing metropolitan community.”

Rouse, who has chaired the Authority since December 2007, noted the work of former Authority Chairman Bill Mullins in securing a 15-year extension of an agreement with the city and county to earmark hotel and motel use taxes through 2025 to help fund the arena. The Authority also agreed to specific financial provisions to help Gale Force Holdings meet the rising costs of operating the RBC Center, such as terrorism insurance, utility fees and game-day expenses.

NC State also negotiated for specific capital improvements and considerations, including upgrades to the basketball facilities and parking lot, as well as more input related to future upgrades as part of a $6 million, 15-year commitment to the arena’s Capital Enhancement Fund. The Authority uses the fund to make periodic upgrades to the building, maintaining it as a state-of-the-art sports and entertainment venue.

“The Centennial Authority continues to do an exemplary job as stewards of this premier facility,” said Charles Leffler, vice chancellor for finance and business at NC State. “The new agreements provide additional security for the future of the arena.”

In addition to making ongoing improvements to the arena through the Capital Enhancement Fund, the Authority has paid more than $15 million in PILOT payments (payment in lieu of taxes) to the city and county since 2000.  These payments are unrestricted, allowing Raleigh and Wake County to spend them as they wish.  

 

“The Centennial Authority is committed to insuring that the people of the greater Triangle region continue to enjoy the type of world-class sports, entertainment and special events that only a top-tier venue can attract,” said Rouse. “The Authority is also committed to providing its premier tenants with the best possible facilities, amenities and comforts without compromising its responsibility to manage the building's evolution and safeguard its future.”

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EASTERN CONFERENCE
  TEAM GP W L OT GF GA PTS
1 WSH 51 38 9 4 166 114 80
2 FLA 52 31 15 6 143 115 68
3 NYR 52 29 18 5 148 134 63
4 TBL 51 29 18 4 137 118 62
5 BOS 52 28 18 6 151 137 62
6 NYI 51 27 18 6 143 127 60
7 DET 52 26 18 8 130 131 60
8 PIT 51 26 18 7 132 130 59
9 NJD 53 26 20 7 119 120 59
10 CAR 54 24 21 9 130 142 57
11 MTL 54 26 24 4 143 143 56
12 PHI 51 23 19 9 121 133 55
13 OTT 53 24 23 6 148 165 54
14 BUF 53 21 26 6 120 139 48
15 TOR 51 19 23 9 117 140 47
16 CBJ 54 21 28 5 135 168 47

STATS

2015-2016 REGULAR SEASON
SKATERS: GP G A +/- Pts
J. Faulk 54 15 19 -13 34
J. Skinner 54 19 12 -3 31
V. Rask 52 12 19 0 31
J. Staal 54 12 19 8 31
K. Versteeg 53 10 21 1 31
E. Staal 54 9 21 0 30
E. Lindholm 54 8 16 -9 24
A. Nestrasil 47 7 12 0 19
J. Nordstrom 43 5 9 2 14
R. Hainsey 54 3 11 -11 14
 
GOALIES: W L OT Sv% GAA
C. Ward 15 11 6 .908 2.38
E. Lack 9 10 3 .901 2.74
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