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HURRICANES AND CENTENNIAL AUTHORITY ANNOUNCE IMPROVEMENT PROJECTS FOR THE ENTERTAINMENT AND SPORTS ARENA

by Staff Writer / Carolina Hurricanes

RALEIGH, NC (JUNE 1, 2000) – Jim Cain, President and COO of the National Hockey League Carolina Hurricanes, and Steve Stroud, Chairman of the Centennial Authority, today announced that the two parties have resolved numerous outstanding disputes and will be moving forward with improvement projects for the Entertainment and Sports Arena in the next few months.

The announcement came as a formal resolution to the discussions between the Authority and the Hurricanes on issues related to a rent dispute and the construction and completion date of the Entertainment and Sports Arena. Both parties have agreed to settle certain issues regarding the Arena construction and to spend approximately $800,000 on improvements that will benefit visitors to the Arena and further enhance the Arena’s position as one of the top facilities in the Southeast.

With respect to improvements, the parties acknowledged that traffic and parking are the number one concern for visitors using the Arena. Stroud and Cain announced that $587,000 will be offered to the City and State authorities to improve roadways, add turn lanes, and add overhead reversible directional signals to the roads leading into the Arena. In addition, another $200,000 will be spent to provide additional directional signage around the Arena and to pave currently unpaved portions of the parking lot.

Perhaps most importantly, the Authority and the Hurricanes have agreed to resolve certain differences over the delayed construction of the building.

“It is time for us to put the past behind us, to acknowledge what a remarkable facility we have, and to focus on the things that really matter to our fans; such as traffic, parking, and getting in and out of this great Arena,” stated Cain.

“By this agreement, the Authority and the Hurricanes have shown the importance of putting the Arena and our fans first,” stated Stroud. “This is what a true partnership is all about.”

The parties had been negotiating for three months over $1.2 million in disputed rent. The Hurricanes agreed to pay the full amount, with approximately $800,000 being used for the roadway, parking , signage and building improvements. The road improvements will be to Wade Avenue, Blue Ridge Road, and Trinity Road. Along with widening portions of these roads, overhead reversible lane signage will be constructed to enhance the ingress and egress traffic flow by increasing the number of lanes in a given direction depending on the event schedule. If City and State Authorities do not commit to the road improvements by April 1, 2001, then the funds will be used for other improvements to the Arena.

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