this post is from the e news from city of greensboro so in future we can come back to this post to look at what the city had to say. here is the quote
"Council fills aquatic center funding gap with hotel-motel tax funds.
At its regular meeting on Tuesday, November 17, City Council voted to fill the $6.1 million funding gap necessary to build the aquatic center at the Greensboro Coliseum with existing and future hotel-motel tax funds.
The total cost to construct the center is $16.7 million. The large majority of it will be funded with a $12 million voter-approved bond, $1.4 million of which has already been used for the center's design.
After some Council members expressed concern about funding for other Coliseum projects, Council called a special meeting for Tuesday, December 1, at 4 pm, before its regularly scheduled meeting, to conduct a public hearing on financing improvements to the Greensboro War Memorial Coliseum Complex and discuss other Coliseum-related matters. The meeting will be held in the Council Chambers of the Melvin Municipal Office Building, 300 W. Washington St."
Let's see how close they come to the 16.7 million dollars, my guess is it will top 19 million. Prove me wrong robbie and zack
IFYI 02.04.11 Greensboro N.C>
Now take a look at the above ifyi from the Greensboro City Manager which has a memo on page 4 from finance director Richard Lusk on the proposed 2011-2012 bond projects . You can see under the 2008 bonds it has a bullet point for Aquatic Center- 6.0 million for the completion of the project which is under construction and currently scheduled to be completed and opened July 2011: total project budget is 19.548 million.
Where did this 19.548 million dollar number come from because as you can see from the guarino post which was taken right from the city e newsletter it was going to cost 16.7 million to construct in fall of 2009 . Then we see that the new council approves it at a cost of 18.8 million as stated below from the Greensboro News and Record on May 5, 2010.
"For others, the groundbreaking marks the start of tangible results after the push to pass a bond worth $12 million and add another $7 million in hotel and motel tax revenue to erect the $18.8 million public facility."
So now we have it jump from 16.7 million in 2009 to 18.8 million in 2010 to now see it go to 19.548 million in the latest ifyi information from the City Manager Rashad Young. How far will this number go up? Only time will tell but wait for the cost overruns to become a factor.