If profit were the prime motive, I don't think the city's business powerhouses would have proposed a plan to keep the Hornets in Charlotte.

There's much more at stake.

Charlotte's progressive business climate ensures the city is at least on the list of prospective cities anytime a national corporation weighs expansion or relocation.

The Charlotte Chamber will tell you that every detail, from property tax rates to schools, to, yes, the availability of professional sports, is scrutinized.

The loss of a professional sports team - no matter how you regard the ownership or the cost of retaining it - would give the city a black eye.

And our leaders would have to explain what went wrong. Our ability to attract corporations, bring in additional business and continue to develop our center city almost certainly would be affected.

By stepping forward with an arena financing plan, Bank of America, Wachovia and Duke Energy, I believe, are acting in the civic interest.

The three businesses would pay $100 million upfront for construction of an arena in exchange for the Charlotte Coliseum property on Tyvola Road and the old convention center, which have a combined value of roughly $50 million.

They could recoup up to $50 million more through such things as renting luxury seats, selling naming rights and marketing the beverage license. The city would get everything over $50 million.

If they hold the land long enough, the businesses might make money someday by developing or reselling it, but definitely not in this slumping economy. There are better land deals out there.

Bank of America, Wachovia and Duke have a history of doing things that add to the vitality of the city. I believe that's the motivation here.

It's doubtful the rejuvenation of North Tryon would have occurred as quickly without Bank of America's commitment to the North Carolina Blumenthal Performing Arts Center, The Mint Museum of Craft + Design and the Tryon Center for the Visual Arts.

The bank invested $16.5 million in remodeling the Montaldo's building for the museum and restoring a burned-out church for the visual arts.

Wachovia is investing $75 million on South Tryon in The Green, which will give residents a 1.5-acre park atop an 880-space parking deck.

Duke joined with the city to build a parking garage for the Panthers, which we needed to ensure an NFL franchise.

True, all those contributions improve business for the big companies, but they also make this a better place to live.

Their participation boosts Charlotte's chances of attracting more businesses to the urban core. A center-city arena would be one more step in this ongoing process.

As this financing proposal is debated publicly - and I'm sure it will be - let's not lose sight of the greater good.

Urban planners say one of the big mistakes Charlotte made was not putting the Coliseum uptown where it could generate more retail and restaurant activity.