User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


79° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

News

[0] My Saved Articles
Find local businesses
on the KELO Pages!

 

SF Will Have Two Bond Issues For Events Center

March 6, 2012, 9:51 PM by Ben Dunsmoor

SF Will Have Two Bond Issues For Events Center
SIOUX FALLS, SD -

The first bond issue for the new Sioux Falls events center will happen in a week.

Next Tuesday, the first bond will raise $102 million for the $115 million dollar project.

The city is holding off on financing the rest of the events center project until they find out more details about naming rights for the facility.

"A majority of the bonds will be in this first issue and that will provide us an opportunity to minimize the risks of interest rates going up in the future," Sioux Falls Finance Director Tracy Turbak said.

The city will finish work on naming rights for the building before the second bond issue. The naming rights could bring in some extra cash that could be used to pay for part of the construction costs left over after the first bond issue.

"To the extent that cash becomes available early on before construction is completed from that naming rights sale that offers some important opportunities for us that we could potentially use dollars to reduce the amount of bonds sold," Turbak said.

The city still plans to pay for the ongoing operating costs through private sponsorships, but if there is money from naming rights that can be used to pay for construction too, the city wants to leave its options open so it doesn't have to borrow as much money.

"Time will tell what the final deal will look like on naming rights, but we will be very, very mindful of our desire to have this facility operate in the black," Turbak said.

The city also has $4 million left over from last year's budget, and with the council's approval, they could put that money toward the remaining construction costs before the second bond issue.
 

Previous Story

Next Story


Comments





RELATED STORIES


Sponsored

 


View news

You may also like

Sheriff IDs Woman Who Died At Lake Madison

7/27/2015 4:15 PM

A 25-year-old Sioux Falls woman died after she fell into Lake Madison on Sunday.

Full Story
Lifeguard Rescues Girl From Sioux Falls Pool

7/28/2015 4:10 PM

An alert lifeguard pulled an unconscious child from Laurel Oak pool on Tuesday afternoon

Full Story
Officials Identify Victims In Plane Crash

7/28/2015 11:48 AM

Pipestone County Sheriff's Office said the pilot, 59-year-old Steven Christensen, and passengers 18-year-old Marcos Favela and a 13-year...

Full Story
Josiah's Owner Says He's Targeted By Payday Loan Industry

7/28/2015 6:00 PM

The owner of Josiah's Coffeehouse & Cafe says it's an organized effort to put him out of business by the payday loan industry. 

Full Story | Watch
Business Owner Claims Harassment From Outside Group

7/28/2015 10:32 AM

Sioux Falls Police were called to a coffee shop Tuesday morning.  The owner of Josiah's Coffeehouse & Café says he's had to ca...

Full Story


Events