GREENVILLE COUNTY — Greenville County leaders have approved funding for major upgrades at the Bon Secours Wellness Arena.
Project costs are expected to exceed $280 million, representing an increase of nearly $90 million from last year’s estimate.
Council approved two ordinances allowing the county to borrow up to $140 million from the arena district to fund the improvements.
Funding breakdown
General obligation bonds issued by the Greenville Arena District will provide $40 million, with funding from investors rather than the county. Arena-generated revenue will be used by the district to repay these bonds, according to officials.
County hospitality tax revenue bonds will supply $100 million, with repayment coming primarily from tourism-related taxes.
The third and final reading was approved, but it wasn’t unanimous. The vote was nine to two.
Council Chairman Benton Blount addressed the project’s benefits during the meeting.
“The people that live here in Greenville County, some of them want us to kind of turn the valve off on people moving here, but the way that I see it is if that’s the case, we can still utilize those people coming in and enjoying a day in Greenville and then they go back home and we get to keep the revenue,” Blount said.
Officials said they expect the project to take two to three years to complete.
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