Report from Dennis Edwards, September 2019
Friday, September 20, 2019, 1pm by visitRaleigh
After 11 months of a comprehensive and transparent process, the Wake County Board of Commissioners and the Raleigh City Council approved future distribution of the Interlocal Fund, which is a combination of the county’s lodging and prepared food and beverage tax revenues.
The approved distribution includes the following:
- PNC Arena enhancement: $9 million annually leverages $130 million debt
- Indoor sports facility: $2.36 million annually leverages $35 million debt
- Medium projects: $46.6 million in cash
- Raleigh Convention Center (RCC) optimization: $5 million
- Raleigh land acquisition for RCC complex: $14 million
- Raleigh parking/infrastructure for RCC complex: $2.2 million annually leverages $30 million debt
- Raleigh music venue relocation: $2.575 million annually leverages $33.5 million debt
- RCC expansion: $15 million annually leverages $230 million debt
- Town of Cary sports facilities capital maintenance: $3 million annually.
We at GRCVB are extremely pleased with the outcome and would like to thank the City and County staff along with the commissioners and council members for following the Interlocal Fund principles and priorities recommended in the Wake County Destination Strategic Plan.
Three RFPs will be sent out later this fall for the indoor sports facility, the medium projects and small capital projects.
GRCVB has established a Signature Event Development fund of $100,000 for fiscal year 2019-2020. We are in the process of developing criteria and application submission plans for proposed projects. The goal is to use this fund to attract major events or blockbuster exhibitions that will have a significant impact on overnight visitation from individual leisure visitors and families. Our hope is to have this process completed by December.
Photo by Jonathan Corbett