TO: Mayor and Members of City Council
THRU: Douglas J. Hewett, ICMA-CM, City Manager
Jeffery Yates, Assistant City Manager
FROM: Taylor Floyd, Director of Budget and Evaluation
Tiffany Murray, Chief Finance Officer
DATE: June 22, 2026
RE:Title
Adopt Capital Project Ordinance Amendment 2026-43 to reduce the appropriation from $5.7 million to $3 million, resulting in the return of $2.7 million to the General Fund balanceTitle
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COUNCIL DISTRICT(S):
Council District(s)
2
b
Relationship To Strategic Plan:
Goal III: The City of Fayetteville will be a city invested in today and tomorrow.
Goal IV: The City of Fayetteville will be a desirable place to live, work, and recreate.
Goal VI: The City of Fayetteville will continue to have a collaborative citizen and business engagement base.
Executive Summary:
On November 24, 2025, City Council approved the appropriation of $5.7 million from the General Fund balance for the Stadium View Project. During the budget work sessions, Council expressed consensus to extend the development agreement in two phases over the next two years. City Council is now asked to amend the appropriation by reducing the FY 2027 allocation by $2.7 million and shifting that payment to FY 2028. Additional appropriation will be required to fund the FY 2028 amount.
Background:
In 2017, the City entered into a development agreement with Prince Charles Holdings to support a major redevelopment project around the new minor league baseball stadium. The original plan included new housing, a hotel, retail space, office space, and public amenities intended to create a vibrant destination connected to SEGRA Stadium and the Festival Park area. The City completed its portions of the project, including SEGRA Stadium and the Hay Street Parking Garage, with investments of approximately $37.9 million and $17.8 million, respectively. However, the private development originally planned for the site did not move forward, leaving t...
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