Cumberland County Board of Commissioners approve Capital Project Budget Ordinance

By Staff Report, posted Apr 5, 2022 on BizFayetteville.com

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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