Item:
Title
Budget Ordinance Amendment No. 19BCC000005 to Appropriate $1,471,403 of Capital Financing Fund fund balance and transfer the funds to the Pay As You Go Fund and Capital Project Amendment No. 19CPA000003 to create the Durham Memorial Stadium Capital Improvement Project to Support USA Track and Field ($1,471,403)
Body
Date Of BOCC Meeting: August 6, 2018
Request For Board Action:
Agenda Text
The Board is asked to appropriate $1,471,403 in Capital Financing Plan Fund fund balance and transfer the funds to the Pay as You Go Fund in order to create the Durham County Memorial Stadium Capital Improvement Project to support maintenance issues and renovations at the Durham County Stadium, and the specified requirements of USA Track and Field (USATF) event.
The $1,471,403 is requested for appropriation due to the time sensitive nature of project repairs and address funding needs required to meet standards requirements for future competitions. The funds will also support construction and specification items needed to support the upcoming 2019 USA Track and Field event at the Durham County Memorial Stadium on June 24-30, 2019.
The Durham Sports Commission led the successful bid and will captain the local organizing committee that includes participation from the North Carolina USATF Association, Durham County Memorial Stadium and Stadium Authority, Durham Convention & Visitors Bureau, City of Durham, and Durham County. As many as 4,500 athletes, aged 7-18, are expected to travel to Durham and compete in the event, which would generate a forecasted economic impact of over $7 million. Its projected the USATF event will fill 18,000 hotel room nights over six days. The overall stadium renovations will expand opportunities for Durham community to compete with other sites across the state and county to host regional and national track and field events, yielding additional sales and occupancy tax revenue. $717,320 supports maintenance issues including: Home ...
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