Crossville City Council and the city’s Sports Authority will meet in special sessions Tuesday afternoon regarding the issuance of $40 million in public facility revenue bonds to build a recreation and aquatic center.
Both meetings will be in the third-floor conference room at Crossville City Hall, 392 N. Main St.
The City Council will convene first at noon. Its agenda has one item: discussion and action on a resolution regarding necessary bond documents.
This will include any amendments or necessary actions regarding the Sports Authority’s issuance of the bonds that includes but is not limited to agreements between the two bodies and the Putnam County YMCA, which will operate the facility upon completion.
Sports Authority members will follow suit when they convene at 12:30. That body’s agenda also includes discussion and action on resolutions regarding organizational matters, ratification of all its actions, and ratification of decisions made by a designee.
The recreation and aquatic center is a partnership between the city; the Sports Authority, which will finance and construct the facility; and the YMCA. The latter has kicked off a $10 million capital campaign to raise funds to equip and operate the facility for three years. That’s the time frame YMCA CEO Mandy Perhay believes it will take for it to become self-sustaining.
Formation of the Sports Authority prohibits the city from using property tax revenue to build or maintain the facility. Thus, no property tax increase will be required to build or sustain the center.
The bond sale will provide the capital needed, with sales tax revenue used to make payments. An architect with Upland Design Group estimated in August the facility construction will be more than $38 million.