Sioux Falls delays sale of bonds for new events centerSIOUX FALLS (AP) — Plans to sell $120 million in bonds to pay for a new events center in South Dakota’s largest city are on hold — for now.
SIOUX FALLS (AP) — Plans to sell $120 million in bonds to pay for a new events center in South Dakota’s largest city are on hold — for now.
The city’s finance director, Tracy Turbak, tells the media that the delay is in hopes of getting the best deal possible. He says, “the more competition, the better from the city’s standpoint.”
Turbak says the city wants to get bond ratings from Standard and Poor’s and Moody’s. By waiting for the double bond rating, city officials hope to drum up more bidders.
Voters approved the new 12,000-seat events center in November after months of debate. Supporters say it will energize the economy; opponents protested that it wouldn’t be situated downtown.
Turbak says the delayed bond sales won’t delay construction, which is set to start this summer.