Here’s a recap of Greenville County Council’s Feb. 3 meeting:
Approved: Second reading of arena funding measures
Council approved the second of three readings on a set of measures related to financing for a proposed $282 million renovation and expansion of Bon Secours Wellness Arena.
The first measure is an ordinance that would authorize the Greenville Arena District, which is a special purpose district that owns and operates the facility, to issue up to $40 million in general obligation bonds to help underwrite the costs of the renovation project. A public hearing on the measure is scheduled for council’s Feb. 17 meeting.
A separate ordinance authorizing the issuance of up to $100 million in hospitality tax revenue bonds was also approved.
During discussion prior to the vote, County Administrator Joe Kernell explained the general obligation bond debt would be repaid by operational revenue from the arena. The hospitality tax revenue bonds would be repaid using revenue generated in the unincorporated portions of the county from the hospitality tax. Under state law, such revenue must be used for tourism-related purposes.
Final reading of the measures is expected during council’s Feb. 17 meeting.
