The Etowah County Mega Sports Complex Authority Board of Directors recently discussed authorizing the issuance of revenue bonds for financing the complex.
By Izack Seahorn, Staff Correspondent
The Board of Directors of the Etowah County Mega Sports Complex Authority met at the Gadsden Civic Center on July 8 to discuss authorizing the issuance of revenue bonds for financing the complex.
The board’s attorney, Jodie Smith described the plans of taking a loan from the proceeds made from bonds sold by the Etowah County Mega Sports Complex Capital Improvement Cooperative District and using the loan to pay for the sports complex.
The loan will be paid back through taxes and revenue generated by the sports complex. The board agreed that the revenue streams that the sports complex would create would outweigh the cost of paying back loans and the operating costs of the mega sports complex. Smith went on to note that “the timing is probably to get the bond sale done in late August or early September.” After examining the documents and plans for the revenue bonds, the EMSCA made a unanimous decision to approve the resolution.
Members of the EMSCA board attending the meeting were Ralph Burke, Randy Vice, Hugh Miller, Heather New, Craig Ford, John Moore, Jay Hedgspeth, Jeff Overstreet, Chris Russell, Trina Willet, Roger Boatner and Keith Blackwell.