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Committee hears $115–116M schematic cost estimate; $41.4M currently committed
Summary
Consultants reported a schematic (15%) cost estimate of roughly $116 million. Presenters said about $41.37 million in funding is currently committed from Horry Electric RDA proceeds, ARPA, land sale and hospitality funds; the committee discussed contingencies and possible additional funding sources.
Consultants presented a schematic estimate that places the total project in the roughly $115–116 million range, broken into site and building categories. The presenter stated: "We have, total site construction right now hovering right at $14.05 14,000,500. The arena itself is roughly 80,000,000," and listed the stall barn and storage building as smaller line items (speaker 6).
A finance presenter (speaker 14) summarized committed funding of approximately $41,374,000 from several sources: rural development act funds channeled through Horry Electric, ARPA proceeds, proceeds from a Highway 9 land sale, hospitality fund allocations, and two fee-in-lieu-of-tax (FILOT) arrangements tied to adjacent parcels. The presenter said the county's draft 2027 budget includes projected additional funding of about $69,700,000 toward the center and that the projection assumes a potential $5,000,000 grant to balance early-stage capital needs.
Committee members pressed on assumptions and contingency planning. One member asked about pre-opening and multi-year operating shortfalls; the finance presenter said contingencies were built into line items and that FILOT and hospitality revenues may be used to support interim operating needs, while noting the precise capital package and ongoing operating plan will be refined as design progresses. The committee directed staff to continue identifying funding sources and to show the risks and trigger points for additional budget requests.
