Members of the Budget Finance Committee recommended a resolution to reallocate surplus proceeds from a 2025 general-obligation bond to buy land around the city's event center and to apply those proceeds to projects rather than letting the funds sit in a trustee account.

Staff explained there were savings and timing delays on several road projects (including the 116th and Allisonville intersection) that produced surplus bond proceeds. The staff presentation said the surplus could be used to acquire land for roads, trails and other needs near the event center and that the land acquisition agreement requires the city to buy identified parcels. Staff described an authorization of "up to $7,000,000" from the surplus proceeds for land acquisition; they said the exact amount will depend on final engineering and negotiations.

The event center acreage was described in the meeting and staff said roughly 62 acres are involved, with the event center footprint a small portion and a large share used for parking; staff noted about 45 acres of parking within the overall acreage. While the land is acquired over time, staff said purchasing now could avoid additional interest charges on the parcels currently held by the master developer (identified in discussion as Thompson Frick).

Committee members also questioned how parking revenue is handled. Staff said ASM Global is the operator of the event center and that a parking subcontractor (Laz) collects parking fees; ASM remits event revenues (including parking and food and beverage) through its operator contract, and the city receives the financial flows netted through the operator. Staff said parking and concessions represent the largest projected revenue streams and that pro forma projections anticipate roughly $900,000 in early-year revenue from operations to help cover debt service, though staff emphasized that revenues are still trending and will be monitored.

Members asked staff to return with a revenue analysis for specific events (for example, graduations) to consider whether the city should cover parking fees for certain community events; staff agreed to bring back detailed figures.

The committee moved the resolution recommending use of surplus bond proceeds to the city council; members voted in favor and instructed staff to return future reports with refined cost and revenue numbers. No final land purchases were completed at the meeting; staff said purchase timing could extend across multiple years per the acquisition agreement.