Capital City Stadium developer puts up more money for development

COLUMBIA, SC (WIS) - The developer who plans to build a Kroger at the site of the Capital City Stadium on Assembly Street is putting more money into the contract covering the sale with the city.

On first reading, Columbia City Council voted this week to approve changes to the contract with developer Bright-Myers on the stadium site sale. The ordinance is expected to go before Council for a second reading at its next meeting on May 20.

According to the revised purchase agreement, Bright Myers 2001 LLC has agreed to put up an additional $200,000 in earnest money, half of which would be refunded if the deal is terminated before May 2015.

"This puts a little more risk on the developer because it requires the developer to put more money up front," said Columbia Director of Planning and Development Krista Hampton.

The contract was also changed to set a deadline of May 30, 2015 for a closing date on the deal.

Other changes include requiring Bright-Myers to apply to the Army Corps of Engineers for wetlands permitting and spend $500,000 to improve Rocky Branch Creek, which runs through the site.

If the new requirements are not met by May 2015, the contract could be terminated.

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