City presents Events Center financing plan - KSFY News - Sioux Falls, SD News, Weather, Sports

City presents Events Center financing plan

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Director of Finance for the City of Sioux Falls, Tracy Turbak, outlined the plan for financing an Events Center as part of the Mayor's proposed 2012–2016 Capital Program.

The proposed financing plan calls for the issuance of second penny sales and use tax revenue bonds to fund construction of this long-awaited project, currently estimated at $110 million. Given moderate economic growth, the City is able to fund the bond payments using the existing second penny tax revenues without negatively impacting other planned projects.

"The current capital plan remains intact and we honor our commitment to fund the Events Center without new taxes and without increasing existing taxes," says Director Turbak.

Under the plan, private funds generated from naming rights, sponsorships, and suites, along with unobligated entertainment tax revenues, will provide funding for the ongoing operating costs of the facility. The plan calls for no general tax support for the Events Center.

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