City Council authorizes 55 million bond order to fund construction of the Cross Insurance Center

By Andrew Neff, BDN Staff
Posted Oct. 10, 2012, at 9:57 p.m.

Part of the article from the BDN:

There was little in the way of disagreement at Wednesday night’s Bangor City Council meeting as councilors showed overwhelming support for the final price tag for the Cross Insurance Center, reserve funding for an airport overflow parking lot and a public resolve supporting a November referendum effort.

Councilors voted unanimously, 9-0, to approve the final cost of $65 million — initially projected to be approximately $3.7 million in annual debt service — for the civic arena and events center already named the Cross Insurance Center, which is scheduled to open on Labor Day weekend next year.

Councilor Joe Baldacci publicly commended Bangor Finance Director Debbie Cyr for her “dedicated, tireless” work and foresight while selling $56.5 million in tax-exempt general obligation bonds last July. That move, which eliminated much taxable debt, saved the city about $750,000 off 2010 projections and means total annual debt service will not exceed $2.9 million. Another factor was the $3 million Cross Insurance Agency has agreed to pay the city over 15 years for exclusive naming rights to the arena.

The council also voted overwhelmingly, but not unanimously, to appropriate $240,000 in airport reserve funds to pay for the construction of an overflow parking lot for Bangor International Airport.

Read the entire article here.

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