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Kearney to issue bonds to get started on mega sports complex – Kearney Hub

KEARNEY — Kearney voters approved the indoor sports complex in December, and the next step is paying for it.

During its meeting Tuesday, the Kearney City Council will consider issuing $34 million in general obligation bonds to build the 206,000-square-foot sports facility in south Kearney near the Younes Hospitality complex.

According to a memo to council members from Finance Director Wendell Wessels, the bonds will be repaid during a 20-year span. Other sources of funding will help pay for the facility, including a special sales tax that will be collected by businesses in a taxing district within 600 yards of the facility. That revenue will come from a special state sales tax turnback, which means sales taxes collected in the special sales tax district will first go to the state and then be turned back to help pay for the sports facility.

The new Crowne Plaza Hotel and Conference Center will be among the businesses collecting the sales tax for the turnback revenue.

A third major source of revenue for the facility will be Kearney’s local restaurant tax. Voters on Dec. 14 approved extending the tax, which was scheduled to sunset after paying for the Patriot Park baseball and softball complex in east Kearney.

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The restaurant tax is 1%.

In other business Tuesday, the council will accept two parcels of land to develop small neighborhood parks. One of the parks will be .58 acres and will be located in the Lighthouse Point Subdivision in northwest Kearney. The second parcel measures 2.74 acres and is part of the Millennial Estates Subdivision that is east of the Buffalo County Fairgrounds.

According to memos from Kearney Park and Recreation Director Scott Hayden, the Lighthouse Point Subdivision Homeowners Association will deed the .58 acres to the city to develop a park. It will include a shelter, play area, connector sidewalks, irrigation, lighting and landscaping.

Hayden said the city will maintain the park.

Lighthouse Point has agreed to pay $350,000 so the city can develop the park. In addition, the homeowners association agreed to pay $10,000 annually for five years for future maintenance needs. The park will be on the corner of Country Club Lane and 42nd Street.

Starostka Group Unlimited will deed to the city 2.74 acres to be developed as a future park for the Millennial Estates Subdivision.

Tuesday’s meeting is open to the public and is scheduled to begin at 5:30 p.m. in council chambers at City Hall at 18 E. 22nd St.

Source: https://kearneyhub.com/news/local/kearney-to-issue-bonds-to-get-started-on-mega-sports-complex/article_6269fd10-a91b-11ec-9057-936af66cc5bc.html

KEARNEY — Kearney voters approved the indoor sports complex in December, and the next step is paying for it.

During its meeting Tuesday, the Kearney City Council will consider issuing $34 million in general obligation bonds to build the 206,000-square-foot sports facility in south Kearney near the Younes Hospitality complex.

According to a memo to council members from Finance Director Wendell Wessels, the bonds will be repaid during a 20-year span. Other sources of funding will help pay for the facility, including a special sales tax that will be collected by businesses in a taxing district within 600 yards of the facility. That revenue will come from a spec…….

KEARNEY — Kearney voters approved the indoor sports complex in December, and the next step is paying for it.

During its meeting Tuesday, the Kearney City Council will consider issuing $34 million in general obligation bonds to build the 206,000-square-foot sports facility in south Kearney near the Younes Hospitality complex.

According to a memo to council members from Finance Director Wendell Wessels, the bonds will be repaid during a 20-year span. Other sources of funding will help pay for the facility, including a special sales tax that will be collected by businesses in a taxing district within 600 yards of the facility. That revenue will come from a spec…….

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