UTICA, N.Y. (WUTR/WFXV/WPNY-TV) — The 169 thousand square foot facility will feature three multipurpose playing surfaces for sports like hockey, soccer and lacrosse. Construction on the $58 million dollar NEXUS Center could be restarting next month if agreements between Oneida County and the Mohawk Valley Auditorium Authority are signed by the county at next months board of legislators meeting.
“One agreement is called the project funding agreement. that was the agreement that was approved at last months county legislators meeting. That basically says that the county will back the bonds and if something crazy were to happen to the auditorium then that would be a responsibility of the county.” -Kevin Martin. attorney for Mohawk Valley Auditorium Authority
The Mohawk Valley Auditorium Authority has retained Royal Bank of Canada and PNC bank to underwrite the bonds. The issuance for the bonds is about $31 million dollars.
“The second agreement, which is one that is being negotiated now, is the sort of detail payment arrangements between the auditorium authority and Oneida County.”
The Auditorium Auhtority is committing to pay $700 thousand dollars a year toward the cost of the bonds and Oneida County will pay the remainder with revenue from the increased bed tax of two percent to five percent.
“Pre COVID, the bed tax was producing around $800 thousand dollars a year in bed tax revenue for Oneida County. So going from two percent to five percent, it is our expectation that the bed tax will produce not $800 thousand dollars a year but two and a half times that. So it would be about two million dollars a year. “
Martin is hoping for construction to re-start at the end of next month which would take about a year to complete.