Sorry got the Regional film Comm confused with this group:
Lets see if I can get this straight:
The convention center:
"It was reported construction costs for the white elephant were $60 million."
That's correct. 20 years at 4% is about $88M if I'm correct
"The albatross is looking at $37 Million."
$37M at 20 years at 4% is $57M
The Convention Center is the big cahuna here Tom, NOT the stadium. How do we fix it? I don't have a clue - you know why? Because you're asking me to fix an entire industry. Look, conventionaeering is going away for the most part, as are smaller meetings that can be handled by teleconference.
A - we could FORCE any entity within the city, that gets city funds to consider the CC first but that takes markets away from the Hilton and Coastline Convention Center. Both of THEM are viable long term occupants down town that have served the city well for various functions.
B - An interesting thought. Sell it. Call it the Cape Fear Crystal Cathedral and have Pastor Hagee come in from San Antonio once per week to service the suffering souls in this area. Or sell it the Roman Catholic Diocese of Raleigh.
C - convert it into a school?
As a convention center, I think it's toast. I don't even know if it can break even. Of course without seeing an actual accounting I couldn't even begin to suggest other things.
I'm at a loss here because the whole convention center "thing" is bad. It would be like promoting Eaton to Manager of Tom's TV Antenna shop.
She faces immediate extinction.
But even at that the city is nowhere near it's spending limit (and shouldn't be). Its is not in financial trouble (yet) but I am concerned over some remarks Charlie Rivenbark one of our city councilors made before the County Commissioners at a joint meeting. He said "We need to annex to garner the tax monies" etc etc etc. That bothersome, and a very stupid remark to make, but it could be telling as to Wilmington's financial condition.
Get it as close as we can to making $ for 29 years then sell is all I can come up with.
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