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'Feel like we're just starting over': Hoover to spend some performing arts center cash on sewer upgrades

'Feel like we're just starting over': Hoover to spend some performing arts center cash on sewer upgrades
WELL, I鈥橪L TELL YOU ABOUT A THIRD OF IT IS ACTUALLY GOING TO BE SPENT ON A CRUCIAL SEWER UPGRADE. CITY COUNCILORS WERE TOLD AT A WORK SESSION HERE AT CITY HALL LAST NIGHT. THE REST OF IT WILL BE PLACED IN SORT OF A SAVINGS ACCOUNT. SPECIAL SAVINGS ACCOUNT FOR THIS PROPOSED FUTURE PERFORMING ARTS CENTER. BUT SUPPORTERS OF THAT PROJECT FEAR THAT THIS IS A STEP IN THE WRONG DIRECTION FOR THAT PROJECT THAT鈥橲 BEEN TALKED ABOUT FOR MORE THAN A DECADE. FOR YEARS, HOOVER RESIDENT TRACY DISMUKES AND HER FAMILY HAVE DRIVEN HALF AN HOUR TO SEE SHOWS AT THE BJCC. THAT鈥橲 WHY SHE AND OTHERS FEEL ALABAMA鈥橲 SIXTH LARGEST CITY DESERVES ITS OWN PERFORMING ARTS CENTER. WE GO AND WE SPEND MONEY ON RESTAURANTS THERE. WE PAY TO PARK. WE PAY FOR THE ACTUAL EXPERIENCE, AND THAT MONEY SHOULD BE IN HOOVER. WHY NOT? THEN IN 2023, THE CITY ANNOUNCED A $93 MILLION BOND DEAL, 61 MILLION FOR A NEW EXIT, NINE OFF I-459. 15 MILLION IN, HOOVER MADE IMPROVEMENTS AND $17 MILLION TO BUILD A PERFORMING ARTS CENTER. HOW HOPEFUL WERE YOU? OH, ECSTATIC. WE CHEERED. WE鈥橰E LIKE, IT鈥橲 FINALLY GOING TO HAPPEN. WORK ON EXIT NINE KICKS OFF LATER THIS YEAR. HOOVER MED UPGRADES ARE IN FULL SWING, BUT THERE ARE STILL NO CONCRETE PLANS FOR THE PACK. NOW THE CITY IS RUNNING OUT OF TIME. IF THEY DON鈥橳 SPEND THAT $17 MILLION BY NEXT MARCH, HOOVER COULD FACE SOME SERIOUS FINANCIAL CONSEQUENCES. THE IRS CAN COME BACK AND DECLARE THOSE AS HEDGE BONDS, WHICH THEN TRIGGERS THE TAXABLE ELEMENT TO THAT WHICH MAKES BONDHOLDERS AND THE MARKET VERY UNHAPPY AND WOULD NOT BE A RECOMMENDED COURSE OF ACTION. SO AT A COUNCIL WORK SESSION LAST NIGHT, HOOVER CFO PITCHED THIS ALTERNATIVE SPEND THE $17 MILLION TIME SENSITIVE BOND CASH ON OTHER SHOVEL READY OR COMPLETE CAPITAL PROJECTS. THEN TAKE 17 MILLION FROM THE CITY鈥橲 CAPITAL FUNDS AND SPEND ABOUT A THIRD ON CRUCIAL SEWER UPGRADES AND PUT ALMOST 11 MILLION IN A SPECIAL PERFORMING ARTS CENTER FUND. BUT DISMUKES FEARS THAT MOVE PUTS HER DREAM FURTHER FROM REALITY. IT鈥橲 GOING TO TAKE 40 TO $50 MILLION TO BUILD A FACILITY THAT OUR CITY WOULD BE PROUD OF. AND NOW WE鈥橰E. I FEEL LIKE WE鈥橰E JUST STARTING OVER. NOW THE BOND FUNDING CHANGES WILL ACTUALLY BE UP FOR A VOTE BY THE FULL CITY COUNCIL AT THEIR MEETING HERE AT CITY HALL ON MONDAY AT 6:00. AND DISMUKES IS ENCOURAGING ALL. PERFORMING ARTS CENTER SUPPORTERS TO BE HERE TO MAKE SURE THEIR VOI
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'Feel like we're just starting over': Hoover to spend some performing arts center cash on sewer upgrades
For years, Hoover resident Tracy True Dismukes and her family have driven half an hour to see shows at the BJCC.That's why she and others feel Alabama's sixth-largest city deserves its own performing arts center.鈥淲e go, and we spend money at restaurants there. We pay to park, we pay for the actual experience and that money should be on Hoover. Why not?鈥� Dismukes asked.Then, in 2023, the city announced a $93 million bond deal.Of that total, $61 million is for a new Exit 9 off I-459, $15 million covers Hoover Met improvements, and $17 million to build a performing arts center.鈥淲e cheered. We're like, it's finally going to happen,鈥� Dismukes said.Work on Exit 9 kicks off later this year.Hoover Met upgrades are in full swing.However, there are still no concrete plans for the performing arts center.Now, the city is running out of time.If it doesn't spend that $17 million by next March, Hoover could face some serious financial consequences.At a city council work session Thursday, the city鈥檚 finance chief broke down what can happen if Hoover does not meet the spending deadline.鈥淭he IRS can come back and declare those as hedge bonds, which triggers the taxable element to that which makes the bondholders and the market very unhappy and would not be a recommended course of action,鈥� Hoover Chief Finance Officer Jennifer Cornett said.So, Cornett pitched an alternative funding plan.Spend the $17 million time-sensitive bond cash on other shovel-ready or completed capital projects.Then, take the matching $17 million from the city's capital funds, spend about a third on crucial sewer upgrades and put almost $11 million in a special performing arts center fund. >> 米兰体育 13 ON-THE-GO: Download our app for free Dismukes fears that move puts her dream further from reality.鈥淚t's going to take $40-50 million to build the facility that our city would be proud of, and now I feel like we're just starting over,鈥� Dismukes said. The plan will be up for a vote by the full Hoover City Council at Monday night鈥檚 meeting at city hall at 6 p.m.

For years, Hoover resident Tracy True Dismukes and her family have driven half an hour to see shows at the BJCC.

That's why she and others feel Alabama's sixth-largest city deserves its own performing arts center.

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鈥淲e go, and we spend money at restaurants there. We pay to park, we pay for the actual experience and that money should be on Hoover. Why not?鈥� Dismukes asked.

Then, in 2023, the city announced a $93 million bond deal.

Of that total, $61 million is for a new Exit 9 off I-459, $15 million covers Hoover Met improvements, and $17 million to build a performing arts center.

鈥淲e cheered. We're like, it's finally going to happen,鈥� Dismukes said.

Work on Exit 9 kicks off later this year.

Hoover Met upgrades are in full swing.

However, there are still no concrete plans for the performing arts center.

Now, the city is running out of time.

If it doesn't spend that $17 million by next March, Hoover could face some serious financial consequences.

At a city council work session Thursday, the city鈥檚 finance chief broke down what can happen if Hoover does not meet the spending deadline.

鈥淭he IRS can come back and declare those as hedge bonds, which triggers the taxable element to that which makes the bondholders and the market very unhappy and would not be a recommended course of action,鈥� Hoover Chief Finance Officer Jennifer Cornett said.

So, Cornett pitched an alternative funding plan.

Spend the $17 million time-sensitive bond cash on other shovel-ready or completed capital projects.

Then, take the matching $17 million from the city's capital funds, spend about a third on crucial sewer upgrades and put almost $11 million in a special performing arts center fund.

>> 米兰体育 13 ON-THE-GO: Download our app for free

Dismukes fears that move puts her dream further from reality.

鈥淚t's going to take $40-50 million to build the facility that our city would be proud of, and now I feel like we're just starting over,鈥� Dismukes said.

The plan will be up for a vote by the full Hoover City Council at Monday night鈥檚 meeting at city hall at 6 p.m.