Yesterday, the Cumberland County Board of Commissioners unanimously approved the Capital Project Budget Ordinance.
The Capital Project Budget Ordinance will be used to establish the budget for a multipurpose center project in an amount to not exceed $82.5M.
The budget includes the estimated $80 million cost that was part of the study presented in September 2021 to the Board of Commissioners. The additional cost is approximately $2 million for the owner’s agent and $500,000 in estimated debt issuance costs.
Debt takeout is expected to occur in early 2024, before construction begins.
“It’s a big day for Cumberland County,” said Commissioner Jimmy Keefe, who is chairing the board’s Multi-Purpose Event Center Committee.
The following are the projected expenditures appropriated for the project:
Surveying $ 48,000
License & permits $ 100,000
Contingency $ 9,052,000
Architect $ 5,500,000
Owners Agent $ 2,200,000
Engineering (Geotech) $ 100,000
Construction $ 65,000,000
Debt Issuance Costs $ 500,000
Transfer to the Food and Beverage Fund $ 2,500,000
The following associated revenue is appropriated for this project:
Proceeds from Debt Issuance $ 82,500,000
Transfer from the Food and Beverage Fund $ 2,500,000
The Cumberland County Board of Commissioners and the Civic Center Commission decided to also replace the Crown Theatre rather than spend funds to renovate.
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