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| As it pertains to Escambia County's $25MIllion dollar field house and arena Triumph project, it is time to fish or cut bait.. |
One week from today the board of county commissioners will vote to either A.) Move forward with the financial analysis and a letter of intent to pursue the new multi-use arena and fieldhouse proposal or B.) Stay in a holding pattern and take no action.
According to staff at today's Committee of the Whole Meeting--the county's Triumph application is on hold until the board makes a decision, one way or the other, on this project.
As I stated in the meeting today--we have a $25 Million dollar proposal at Triumph, it is time to Fish or Cut Bait.
I am aware that the project's location has become an issue among the various hoteliers that will benefit greatly from this project. One faction is dead-set on having the project be built downtown,no matter what, come hell or high water and this group is entrenched in this position. (This group also adamantly opposes the levy of the 5th cent to help pay for the project--knowing full-well that a downtown location all but eliminates the New Market Tax Credits that are essential to make this deal happen).
The other group of hoteliers is okay with the project moving away from downtown, in order to qualify for the New Market Tax Credits (NMTC) that will add between $16-18 Million to the project.
I personally believe this project will be a winner if we get both the triumph $25Million and at least the $16 Million in NMTCs to help fund this $80 Million dollar project. For me, the icing on the cake is a written agreeement that the county will spend no Local Option Sales Tax (LOST) funds on this project, nor will we commit ANY general fund dollars to this deal.
The difference between the total price and the Triumph and NMTC monies MUST be made up utilizing a portion of the Bed Tax revenue--and I am willing and ready to levy the 5th cent to pitch in to make this deal happen--because I think this is a winner of a deal for the community, no question about it---IF the NMTC and Triumph funds are in play.
But the board, not me alone, must make this decision. And we will do that next week, next Thursday.
It's time to fish or cut bait.
1 comment:
Yes don't allow the hoteliers to run the county. A big meeting is in the works for next Thursday. I think it best to not fund the Beach Congestion Plan. I doesn't address congestion traffic for the Citizens of Escambia County. It is mostly a beautification and walk ability project for the people who stay in the hotels and Condos. It's a misnomer. I think it would be inappropriate to fund it as infrastructure with LOST. Let them set up a MSTU or pay for it themselves some how. Just vote No. Most of the citizens do not benefit from it, the hoteliers do and most see that. Watching. I wish we were millions ahead of the game, but we are not.
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