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$5 million set aside to improve local venues

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The Augusta Richmond County Coliseum Authority adopted a resolution Tuesday to issue $24 million in bonds, including $5 million for improvements at James Brown Arena and Bell Auditorium and $19 million for construction at the new Trade, Exhibit and Event Center.

They might take the form of taxable "Build America" bonds, a stimulus-funded program that repays local governments about a third of their bond interest payments, authority attorney Ed Enoch said.

The authority also approved its fiscal year 2011 budget, which projects $804,600 in hotel-motel bed tax revenues and a $799,578 operating loss, before depreciation.

Global Spectrum, which manages the arena and auditorium, is bringing in someone who specializes in enhancing revenues, authority treasurer David Hogg said.

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augusta citizen
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augusta citizen 10/19/12 - 03:37 pm
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Little Lamb
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Little Lamb 07/07/10 - 08:19 am
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Excellent question, Aug.Cit.

Excellent question, Aug.Cit. Just once, it would be fun to have a Chronicle reporter go to one of these press conferences, politely listen to the spin, then ask, “Where is the news in this fluff? Tell me what you plan to do with the $5 million and I might run a story. Till then, no ink from us.”

corgimom
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corgimom 07/07/10 - 09:59 am
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"The authority also approved

"The authority also approved its fiscal year 2011 budget, which projects $804,600 in hotel-motel bed tax revenues and a $799,578 operating loss, before depreciation."

This is what taxpayers should REALLY be concerned about. $800,000 operating loss- that has to be paid for, somehow. So where is the $800,000 going to come from?

So Countyman, what's your take on this?

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