THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Sunday, April 2, 1995 TAG: 9503300192
SECTION: CAROLINA COAST PAGE: 06 EDITION: FINAL
LENGTH: Medium: 57 lines
Since many Dare County voters and/or residents may not have the opportunity to read the Finne & Associates study for the Outer Banks Multi-Use Center (127 pages and available in both local libraries), there are a few key points that everyone should be aware of when all the rhetoric has been swept aside.
The cost of building the center is estimated at about $15 million. The likelihood that a project of this magnitude will come in at or below the estimated cost is minimal.
The operating deficit of $332,200 has been frequently quoted in the media. This figure assumes that:
a. The Consolidated Event Schedule listed on page 74 of the Finne & Associates report is achievable.
b. Each scheduled event actually achieves the attendance figures projected for it.
c. The operating deficit does not include the figure for debt service. Add another $1.2 million to the yearly deficit. Additionally, if $17 million is financed over a period of 30 years, the total payments at 6.8 percent interest would be $40 million. A business facility operating under these financial constraints would never achieve a payout!
Debt resourcing can come from raising the meals and occupancy taxes in the county or raising the property tax on assessed value 5 cents per $100. Either would cover the debt service and operating deficit of the proposed center. To me this is a question of whether the taxpayers should bear the burden of a multi-use center or the business community, which will be the major beneficiary.
There are lots of pros and cons to be evaluated in arriving at a decision in this matter, and these are just a few of the points that must be considered in making projections about a multi-use center.
Is an Outer Banks Multi-Use Center a NEED or a WANT?
Nicholas van Laer
Kitty Hawk Exemplary reporter
I would like to compliment Paul South. On Feb. 19 our community experienced the tragedy of a triple homicide and suicide. On this occasion, Mr. South was your reporter covering the assignment.
Mr. South handled this assignment in an exemplary manner. His demeanor reflects well upon the journalism profession. As you are probably aware, law enforcement and the media often do not blend well in many events. Working with Mr. South, however, was a pleasure indeed.
We here at the Kill Devil Hills Police Department look forward to a good working relationship with your Virginian-Pilot staff.
James H. Gradeless
Chief of Police
Kill Devil Hills by CNB