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CVB give museum one-year extension
Delays in constructing an African-American heritage museum in Ouachita Parish topped the agenda at a meeting of the board of directors of the Monroe-West Monroe Convention & Visitors Bureau.
Members of the board heard from bond attorney Grant Schleuter, concerning a $550,000 bond issued to fund construction at the proposed museum.
Because cost-estimates came in much higher than anticipated, construction at the museum must be rebid. That process could push the CVB funding past deadlines for spending the money.
"Basically, when you issue these bonds, you certify when you close the bond issue certain reasonable expectations at that time," Schleuter said. "One of those expectations is that you reasonably expect to expend 85 percent of the bond within three years."
That may not happen now because of increased construction costs.
Schleuter said the CVB did not have to revoke funding but could, instead, extend that deadline and file appropriate paperwork to do so.
Essentially, Schleuter said, the CVB could extend the deadline to spend the money as long as the CVB had a reasonable expectation work was moving in the right direction.
"You're earning less than what you're paying on the bond issue," Schleuter said. "We are comfortable with it and it appears they are moving forward on the project with good faith."
Board members unanimously approved extending the deadline by one year.
In other business, CVB executive director Alana Cooper told the board hotel tax revenues were down approximately one percent during the month of March.
Cooper attributed the decline to rising fuel costs, adding people do not travel as much when gas prices climb.
Cooper also said increased fuel costs have led to a budget overrun in the CVB's travel fund.
"The cost of travel is quite expensive," Cooper said. "Because of the gas prices we're a little over budget there." |
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