Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Community Projects topic
No spam. Unsubscribe anytime.
Council weighs arena, parking garage and pool as possible community uses for EDC funds
Summary
Staff laid out several community-project ideas the BEDC could fund — a $10.2 million arena, an indoor pool and a downtown parking garage estimated at $16–20 million — and council asked for realistic cost comparisons and revenue models before choosing a path.
City staff presented several potential community investments the BEDC could support if council chose to shift focus toward community benefit. Among the projects described were improvements to Mayfest Park (an arena), an Olympic-size indoor pool and a downtown parking garage with ground-floor retail.
Sylvia gave a ballpark cost for the arena: “That is a $10,200,000, project,” and said preliminary parking-garage cost estimates fall in the $16–20 million range. She described one financing option for the garage as a tax increment reinvestment zone (TIRZ) that could pay much of the debt without increasing property tax rates in town.
Councilors probed the garage revenue model, asking whether retail and restaurant space in renderings could help service debt; Sylvia said about 15,000 square feet of retail/restaurant was in the current conceptual plan and estimated modest revenue streams that could offset part of borrowing. Members asked staff to provide specific location options, cost breakdowns and projected returns as part of the exit/transition analysis.
Councilors emphasized that any community-focused project would have to be balanced against outstanding BEDC debt and the EDC’s limited ongoing revenue.
