Tuscaloosa officials outline financing, timeline for Saban Center; bids set for May 15

City of Tuscaloosa officials and project partners on April 21 briefed the Finance Committee on the Saban Center — a planned STEM-focused children’s campus that will house the Tuscaloosa Children’s Theatre, Ignite (formerly CHAM) and the State of Alabama STEM Hub — and laid out the funding plan, bid schedule and an anticipated construction timeline.

The presentation said the project’s capital package combines city budgeted funds, a planned bond issuance and private and state contributions. “There’s $16,000,000 in already approved Elevate annual budgets, $3,800,000 in already approved River District annual budgets and a principal bond amount of $42,000,000,” a finance presenter identified in the meeting as Miss Standridge told the committee. She said the city has $6,500,000 already received from the capital campaign, $11,900,000 in pledges not yet received, a $25,000,000 state grant for the STEM hub already deposited, and an additional $12,300,000 in recent commitments from the fundraising team. The presentation noted interest income on invested campaign funds would also be applied to the project.

Why it matters: City leaders said the Saban Center is intended to be both an education and workforce pipeline and a tourism draw for Tuscaloosa. Mayor (unnamed) told the committee the project “may be … the initiative that will have the most generational impact” for the city and region, and emphasized private-sector involvement and matched funding that the city’s leaders say substantially lowers the city’s net burden.

Key funding and schedule details

- Funding break…