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Officials: state action closed convention center funding gap; $900M city bonding and $50M reallocation discussed
Summary
City officials said recent legislation clarified funding for the convention center gap, clarified interest on a proposed $900 million city bond would not go to Schmidt Entertainment Group, and staff noted $50 million was reallocated from road funding along with a new $100 million state infrastructure source.
City officials said last‑minute legislative language clarified financing for the county convention center and the Sports Entertainment Culture Convention District.
The mayor noted a clarification in the bill that interest from $900,000,000 the city is bonding would not go to Schmidt Entertainment Group and instead would help fill the county's funding gap. "...the $900,000,000 that they're bonding through the pit to get, it was not verified in last year's bill where the interest from that money would be directed. There may have been some assumptions made about where it would go, but this bill clarifies that that interest is not to go to SEG, but to fill the gap for the county," the mayor said.
Angela Price added staff identified approximately $50,000,000 reallocated from road funding and said the legislation created a new state infrastructure funding source that could unlock about $100,000,000 for regionally significant infrastructure to support single‑family home creation and related projects.
