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Bob Crane Community Center project reported under budget; finance director outlines remaining steps
Summary
Finance director told council the Bob Crane Community Center remains under its current $85 million budget, with funding from bonds, PIF revenues, OSU lease payments and nearly $8 million in Community Foundation pledges; staff said remaining change orders and invoices should close out within months.
Upper Arlington's finance director presented a status update Oct. 13 on the Bob Crane Community Center and related redevelopment components, telling council the project is generally under the latest budget estimate and that remaining contracts and invoices will be closed in the coming weeks.
The finance presentation cited a project budget of about $85 million and said the city funded parking, public improvements and land acquisition primarily with bond issuances. The director reported the city has issued approximately $83 million in contracts for construction work to date and described interest earnings on bond proceeds that will be reconciled to determine any arbitrage repayment to the IRS.
The city highlighted revenue and funding sources for the project: bond proceeds, PIF revenues, small grants, income tax, and donations from the Community Foundation (a near-$8 million pledge). Presenters said Ohio State University will lease office space at the community center and that OSU lease revenues are projected to be around $1 million per year; those lease payments are used first to pay office-space debt, with excess going to community center debt service. The finance director said roughly $6.45 million of the Community Foundation pledge had been received to date and that remaining pledge payments are scheduled through 2027.
Council asked for exact receipts and the presenter offered to provide detailed figures. Staff said final change orders and outstanding invoices remain but expect the project to close out within one to two months.
The council did not take specific legislative action on the report; staff will supply requested detail on Community Foundation receipts and final contract closeout status.
