Lubbock County will borrow roughly $32 million before the end of year if the current plan for the Expo Center stays on track. The money gets paid back from hotel and car rental taxes – not local property taxes.
The county’s oversight committee for the project, the Local Government Corporation (LGC), met Wednesday to get an update on the status of the project – planned for North Loop 289 and North University Avenue.
Project at a glance:
- Multipurpose venue on 80 acres
- Concrete floor – dirt can be brought in for certain events
- 5,500 fixed seats and up to 7,000 with floor seating
- $55 million construction
- $67 million total development
- County’s portion is roughly $32 million
- Remaining cost from private fundraising by Lubbock County Expo Center (LCEC)
- Previously set for 129,000 square feet – now 165,000 square feet after revisions
“Everyone, I think, that I’ve spoken to, believes that we’re taking care of our business and moving forward,” said Ashley Cox, a staff attorney for Lubbock County.
That’s a big change from November when the LGC withheld approval amid concerns financial information was not available from LCEC.
Cox began working in December to coordinate information and get LGC’s approval for a timetable of objectives. The project stalled until March when the LGC voted to go forward – on condition either private fundraising be in hand or a loan was approved to cover any shortfall in fundraising.
Ben Garcia, an LGC board member, told Cox, “One difference I’ve noticed is your presence.”
Guy Henson, also a board member, agreed, saying, “You’re exactly right.”
Garcia, again speaking to Cox, said, “Thank you. There may be a lot of other wonderful people involved in the process, but I feel like you’re the conductor – like you’re the maestro.”
Chairman Gary Greenstreet said, “It wouldn’t be where we are without your help.”
In November, LCEC chairman Randy Jordan held a press conference saying the building would be 129,000 square feet. When the project started moving again, the architectural firm Parkhill made a few revisions to the plan – which now includes a concourse and concession area.
In the Wednesday meeting, Amber Moenning, LCEC executive director said, “It’s 165,000 – approximately – square feet.”
The Lubbock County Expo Center continues fundraising donations for the private side of the LCEC’s public/private partnership with the county. LCEC hopes to lease the facility from Lubbock County – an agreement is scheduled to go to County Commissioners on June 22.
But LCEC needs to borrow money until the fundraising is finished. The bank loan needs to assign the lease to the bank and commissioners will be asked to approve the assignment in July.
Next, the $32 million county bond needs approval from the office of Texas Attorney General – set for August. The county will then give final approval for bonds in October or November. Voters approved the hotel/rental tax in 2018 by a margin of roughly 65 percent to 35 percent.
