LUBBOCK, Texas (KCBD) – We informed you final week the Lubbock County Expo Middle mission is over funds, however board leaders say it’s not that easy.
They gave us a breakdown of how a lot cash is obtainable, and the place it’s truly going.
Organizers inform us the cash is there to cowl its present prices.
It’s billing $5,450,000 for the ‘design section’ of the mission, $450,000 greater than the bond that Lubbock County commissioners authorized again in June of 2020 for pre-construction prices.
Board leaders inform us it’s going to solely take a easy motion from the Commissioner’s Courtroom to pay the payments.
Tim Collins is vice-chair for the native authorities company for the Lubbock County Expo Middle.
Collins says, “You’ve obtained the bond capital enter in a single account and also you’ve obtained the income from the tax collections in one other account.”
The LCEC is one in all two boards engaged on that multi-purpose enviornment. It represents Lubbock County’s pursuits, together with taxpayers.
That tax income he’s referring to is cash from the Lodge Occupancy Tax, a two % levy from the county’s motels and brief time period automobile leases.
Collins says “Here’s a income stream or a steadiness in a fund that doesn’t have the authorization to be utilized to finalize the final small quantity that’s due.”
Monetary information present that account has $6.1 million in it.
Randy Jordan, who leads the personal board answerable for designing the Expo Middle, says it was not initially deliberate this fashion.
When the county wished to promote its first bond within the spring of 2020, the pandemic hit, and Jordan says no enterprise wished to take a 5 and a half million greenback bond.
Jordan says, “Had one bidder at $5 million. one bidder at $5 million, so the county offered that bond for $5 million. That’s the reason you’ve obtained a little bit little bit of discrepancy there.”
Jordan says even when the county had offered a bond price extra money, the supply of the income would nonetheless be the identical, the Lodge Occupancy Tax, which is designated to service the Expo Middle’s bonds.
Jordan and Collins say this mission is properly inside its funds, and that development prices may come down from this month’s projections.
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