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Commission approves notice of intent for amphitheater bonds; county to pledge hotel-motel tax revenue
Summary
The commission authorized publication of a notice of intent to issue capital-improvement bonds not to exceed $27,500,000 to support the Acroshare Amphitheatre and accepted a county pledge of a 3% hotel-motel tax increase to secure bond payments; staff reported higher-than-expected local participation by MBEs and local hires on early construction.
The city commission on Sept. 24 approved two connected steps to advance financing for the Acroshare Amphitheatre: an agreement with Kent County to pledge a 3% hotel-motel tax increase to support bond repayment, and a notice of intent to issue capital improvement bonds under Act 34 of 2001 not to exceed $27,500,000.
Staff briefing: City staff explained that the county's pledge dedicates lodging-tax revenue toward repayment of bonds issued by the city, establishes a debt-reserve account (1.5 times annual debt service) to buffer revenue shortfalls, and includes mechanics for replenishing the debt reserve if funds are…
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