Falling interest rates have increased the value of Franklin County‘s contribution to a new Columbus Crew stadium, with its share of the funding model now worth over $52 million.
In planning its contribution toward the new Crew stadium project–which is being financed as part of a public-private partnership involving hundreds of millions of dollars–Franklin County had estimated that its share of the funding model would be worth $45 million, to be made in annual payments of $2.5 million over 30 years. The bonds used to back that contribution have raised more than initially expected, however, with falling interest rates contributing to an increase in value to about $52.06 million.
The increasing value of the contribution, news of which surfaced in a federally required disclosure to bond investors, is viewed as good news by the county, which is playing an integral part in a partnership that includes other public partners as well as team ownership. More from the Columbus Dispatch:
“At the time, the value of that commitment was estimated at $45 million, but we knew that the final market value of our contribution would ultimately be determined when bonds were sold, given fluctuations in the market and other variables,” Franklin County Administrator Ken Wilson said in a written statement Thursday.
The county commissioners are pleased that it ultimately raised more, Wilson added.
The latest figure appears to push the stadium deal’s official public contribution from $140 million to $147 million, due to the county’s increased support. That doesn’t count $64 million in other public projects at the Confluence Village site adjacent to the planned stadium that Columbus Mayor Andrew J. Ginther doesn’t consider part of the stadium project, but that are nevertheless obligations under the contract with the team.
The team is contributing $233 million, according to the funding plan.
The stadium is expected to anchor a new mixed-use development known as Confluence Village. It has been anticipated that the new facility will open during the 2021 MLS season, replacing MAPFRE Stadium as the Crew’s home.
Rendering courtesy Columbus Crew SC.
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