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Council debate exposes split over funding strategy and city priorities for proposed arts center
Summary
Several council members questioned whether the proposed performing arts center should be prioritized over completing about 80 current capital projects and said the presented funding strategy lacks sufficient coverage; one councilor said he "cannot move forward" with the $40 million bond referendum.
During the June 26 special meeting, multiple council members expressed unease about the proposed financing for the performing arts center and raised the question of prioritizing existing capital work.
One council member warned that the bond should have covered construction costs: "The proposed funding strategy is flawed. The bond should have been enough to cover a 100% of the construction cost," (speaker 10). Council member Aramelli said the "project funding strategy is suspect" and that he could not in good conscience "set this project up to fail." Council member DiBiase read a prepared statement saying he had "serious concerns about the method" and "cannot move forward with a $40,000,000 bond referendum today."
City Manager Greer had earlier summarized that the packet sets a $40,000,000 maximum principal amount and a 20-year term but acknowledged that plans and bid documents were not complete. The transcript does not include detailed line-item financing or a presentation showing total projected construction costs or what percentage the proposed bonds would cover.
