Presented by: Proposed Sports and Event Complex in Coeur d ...

The total cost for Phase I of the project, which included the Events Center as well as a smaller
horse arena, several multipurpose pavilions and other such venues was approximately $62.9
million, including land acquisition. The Events Center accounted for $25.0 million, consisting of
$22.0 million in hard costs and $3.0 million in soft costs. The cost specific to the Events Center
does not include any land acquisition.
When the sales tax was originally approved, the County board established a requirement that
$3.0 million in private funding had to be raised within a one-year period. If this goal was not
met, the sales tax would be repealed and tax revenues for that year would be returned to County
residents. Through several fundraisers, the goal was met and the tax was allowed to remain in
place. However, much of the pledges were in-kind or were for future promises. Approximately
$8.0 to $10.0 million was raised on paper, but only about $60,000 materialized during arena
construction. This revenue, along with any other promised contributions that materialize are
used to help cover operating costs for the Events Center.
The revenues received from the sales tax are enough to cover debt service on the $62.9 million
total Phase I development cost, as well as operating reserves, capital reserves and a $750,000
operating subsidy. If sales tax revenues remain at their current levels for the entire 20 year
period, it is anticipated that approximately $10.0 to $16.0 million in surplus revenues will exist at
the end of that period.
The County plans to complete Phase II of the project in the future. This would include the
development of an outdoor rodeo arena, which would also be capable of hosting large concerts
that do not currently fit in the arena. The County expects to pay for Phase II through surplus
sales tax revenue as well as revenue received from ancillary development on the site, including a
recently announced hotel to be constructed in the near future.
Ford Arena
Ford Arena in Beaumont, Texas was developed as part of Ford Park, a $55.0 million sports and
entertainment complex, which also includes an amphitheatre, festival grounds and a
softball/baseball field complex. Arena construction accounted for approximately $32.0 million of
the total development cost. The entire project was funded by Certificates of Obligation issued by
Jefferson County. The Certificates are backed by general County revenue, not by a specific tax
or revenue stream. County representatives indicated that, while a referendum would have been
required to issued general obligations bonds, they did not need a referendum to approve the COO
issuance.
Feasibility Analysis of a New Sports and Event Complex in Coeur d’Alene
Funding Analysis
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