DOVER — A scheduled presentation of the financial viability of the Kent County Regional Sports Complex has been delayed by a month, and now planned for September, organizers said.
The meeting originally scheduled for Tuesday night was designed for Levy Court to review a bond feasibility study and vote on a proposed financing structure for the $24 million project.
The plan to boost the local economy includes building 12 synthetic turf fields in a complex known as “The Turf” that would host large scale sports tournaments beginning in October 2016.
According to Kent County Regional Sports Complex Corp. acting executive director Shelly Cecchett last week,
“It’s taking a little more time to get the paperwork together and the feasibility study reviewed than we had anticipated. We will be on the calendar in September, the next time they meet.”
Levy Court is the planned conduit for the financing, which includes a $20 million tax-exempt bond offered through M&T Bank.
The project’s remaining approximate $4 million cost will be funded by the state through its Infrastructure Fund ($3.2 million) and transfer from the Bond Bill ($800,000).
Advertising for construction bids was scheduled to go out Monday, with proposals due by Sept. 22.
Tentatively, the construction contract award was set for Oct. 9, with 12 months of construction starting Oct. 15.
The KCRSC Corp. board of directors is eying the first sports tournament at “The Turf” for Columbus Day weekend in October 2016.
The KCRSC Corp. is structured to be self-sufficient financially, with Levy Court backing any shortfall with a loan to be repaid to the county.