The topic on how to fund the multi purpose event venue was discussed at today’s Local Government Corporation meeting.
Assistant City Manager Michelle Bonner said a financial plan hasn’t been set, but she says a few options are up in the air.
They’re considering pulling money from hotel occupancy taxes and that tax is expected to bring in $36 million of revenue for the downtown project.
But so far, those are just ideas.
As we reported last month, the consultant hired by the city for the project estimated the project at $48 million.
But the Assistant City Manager says that’s the cost of the ballpark as well as the streetscaping project.
Bonner suggested adding a hotel occupancy tax and applying for an additional grant, which could help offset the cost.
She said that “the city has been setting aside dollars and we’re estimating that by the time we start construction of this project if it were to proceed we’d have $8 million that we can use to help offset the cost”.
Both of those suggestions, if passed by the LGC board at their next meeting, goes to the city council for review.
And they have the potential to pass.
Last month a bond was issued to fund the parking garage and Bonner says it was just under $12 million.
Bonner also tells us that even with this potential new bond, the taxpayers shouldn’t expect taxes to increase.
The hotel occupancy taxes should cover the total cost of the project.