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Selection committee weighs final convention‑center recommendation after new bond estimate and late FargoDome proposal
Summary
Committee members debated whether to delay a recommendation after consultants provided a lower bonding estimate and the FargoDome submitted a slimmed-down proposal after the developer deadline; members set a scoring deadline for 10:00 a.m. Friday and will reconvene Friday at 1:00 p.m. to finalize a recommendation to the city commission.
Charlie Johnson, chair of the selection committee, said the group must decide whether to move forward with final rankings despite new funding information and a late proposal submitted to the mayor.
Johnson said consultants from Baker Tilly provided a bonding estimate based on a 25‑year structure using a 5.5% interest assumption, down from the 6.25% figure used earlier. City finance staff reported that, under that formulation, lodging‑tax proceeds could support a $45.3 million construction fund plus a roughly $5 million debt‑service reserve and still leave capacity to fund an operating shortfall of about $500,000 in the first three years and $350,000 thereafter. "That's based on interest rates today," Susan Thompson of City of Fargo Finance said, cautioning that market rates could change.
Johnson also…
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