08-11-2015 PAEC Finance UpdatePAEC PROJECT
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May 8, 2014 Press Release
Construction Financing —The Finance Subcommittee reported that the City has sufficient
funds to build the project without additional taxes, even in the Panel's most conservative
fundraising scenario, The City has lined up $ 19.01 million of the $31S million construction
cost. Working with the Finance Subcommittee, Finance Director Ade' Ariwoola reviewed
project budget projections and financing. Over the shorc•term, the City can enact a temporary
loan to itself to finance the $12,18 million funding gap, enabling construction to proceed while
:undraising efforts continue.
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Total Sources
Performing Arts & Event Center
Current Proposed
Project Revenues & Expenditures 2014 Budget Budget Actual to Date
Beg Balance
144,877
144,877
144,877
Funding from City (Utility Tax, Lift & REET)
9,944,763
9,944,763
9,944,763
Sources from City (2009 -2013 UTAX, REET)
-
-
1,116,653
CDBG Loan
3,000,000
3,000,000
-
4 Culture Grant
2,000,000
2,000,000
-
State Capital Funding
2,000,000
4,000,000
-
Hotel Pad Sale
1,000,000
1,500,000
-
LIFT Sales Tax - Future
501,202
501,202
310,256
4 Culture Grants - Future
150,000
150,000
120,000
Building for Arts Grant - Future
325,000
325,000
98,023
Interest
-
-
8,756
Total Proposed Sources
Naming Rights
19,065,842
3,500,000
21,565,842
11,743,328
3,500,000
-
Fundraising Campaign
1,000,000
1,000,000
676,146
Grants
1,500,000
1,500,000
-
New Market Tax Credits
7,200,000
5,200,000
-
Total Potential Sources
13,200,000
11,200,000
676,146
Total Sources $ 32,265,842 $ 32,765,842 $ 12,419,474
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Pending Project Funding
TOTAL: $10M
CDBG- Section 108 $3M
Sale of Hotel Pad $1.5M
Naming Rights $3.5M
4 Culture Grant $2M
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Total proposed
budget for
sources is
$32.77M
Includes approved
$2M received in
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Conclusion
With cash on hand, State Approved
Budget , and Inter -Fund Loan we will
be able to complete the
construction of the PAEC.
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