|McCormick Field Awarded First Debt Service Investment
|Major Works Pathway Request Receives the Largest Investment in the History of the TPDF
Today the BCTDA approved nearly $23 million in multi-year funding for the City of Asheville’s McCormick Field Centennial Restoration & Capital Improvements Project. This investment marks the first debt service project and the largest TPDF investment ever granted, nearly tripling the $8.14 million invested in the Town of Woodfin’s Greenway & Blueway in 2022.
The project’s total cost with interest over the life of debt service is $55.6 million. The City of Asheville requested $22.95 million from the Tourism Development Authority, 41 percent of the total project cost, through the TPDF Major Works Pathway. This request reallocates the Coxe Avenue Green Street grant awarded in the 2022 TPDF cycle and incorporates debt service of $1.4 million annually for 15 years.
With today’s decision, the BCTDA has committed $80 million to 46 community tourism projects since the fund’s inception, with $41.6 million, or more than half, invested in City-owned or operated amenities. This seminal investment falls on the 20th anniversary of the TPDF and the 40th anniversary of the BCTDA, including the creation of the lodging tax.