Dome Upgrades

[roadwarrior]

Even if its 1%, that's over 300k per year. I say never let it drop below 30 million and spend the interest and surplus from profits at the end of the year on upgrades but always spend on something. You can do a ton of upgrades by spending a little every year. Metal detectors were 300k. Much smarter long term plan

Aren't you the person that is always in favor of these elaborate expansion plans? Kind of hard to do if you don't use some of that 30 million.

[HerdBot]

Aren't you the person that is always in favor of these elaborate expansion plans? Kind of hard to do if you don't use some of that 30 million.

I have been but doing the math on the interest, my opinion is changing. Gotta remember the surplus grows every year whenever the dome shows a profit which it almost always does. We have an opportunity to be in a great position if we handle the money right.

I would be in favor on doing a bond for the expansion and budgeting any future surplus to go towards it without wiping out the principle. That's like wiping out your retirement

[roadwarrior]

I would be in favor on doing a bond for the expansion and budgeting any future surplus to go towards it without wiping out the principle.

If you plan on selling bonds to fund an expansion, you better have a source of revenue to pay off those bonds. Any "possible future surplus" is not something that would entice investors to buy the bonds. Remember the original Fargodome building bonds were paid for with a 1/2 cent sales tax in the city of Fargo for 20 years.

[HerdBot]

If you plan on selling bonds to fund an expansion, you better have a source of revenue to pay off those bonds. Any "possible future surplus" is not something that would entice investors to buy the bonds. Remember the original Fargodome building bonds were paid for with a 1/2 cent sales tax in the city of Fargo for 20 years.

We paid for the video boards with 7-10 year bonds. I think a building that has a 20 year track record of never losing money and a surplus between 30 and 40 million is a pretty safe bet. Worst case we tap into the principle to pay but it sure beats cashing out a huge sum of money that could theoretically fund the building forever just on interest

According to this article dated Jan 2016, the surplus was more than 40 million, then we spent 7.2 million on video boards
http://www.crookstontimes.com/news/2...t-was-budgeted

[roadwarrior]

We paid for the video boards with 7-10 year bonds. I think a building that has a 20 year track record of never losing money and a surplus between 30 and 40 million is a pretty safe bet. Worst case we tap into the principle to pay but it sure beats cashing out a huge sum of money that could theoretically fund the building forever just on interest

According to this article dated Jan 2016, the surplus was more than 40 million, then we spent 7.2 million on video boards
http://www.crookstontimes.com/news/2...t-was-budgeted

Interesting. Your first paragraph says the dome borrowed money (bonds) to pay for the video boards. Then your second paragraph says they spent 7.2 million from the surplus to pay for the boards. I don't know how they financed the boards myself, but you just contradicted yourself.

And....it's "principal" not "principle".

[HerdBot]

Interesting. Your first paragraph says the dome borrowed money (bonds) to pay for the video boards. Then your second paragraph says they spent 7.2 million from the surplus to pay for the boards. I don't know how they financed the boards myself, but you just contradicted yourself.

And....it's "principal" not "principle".

The dome did a 7.2 million bond, I assume backed by the surplus fund. All this info is out there. I dont know much about bonds but I assume they did it that way for a reason so they dont wipe out the principle... damn auto correct principal lol

[MankatoBison]

I don't mind dipping into principal depending on the purchase.

New bathrooms and cool entrance or something- meh whatever.

Adds 200 Club level seats and an additional 1000 General admission? RIP surplus fund

[HerdBot]

I don't mind dipping into principal depending on the purchase.

New bathrooms and cool entrance or something- meh whatever.

Adds 200 Club level seats and an additional 1000 General admission? RIP surplus fund

If you dip into the principal, it better be revenue producing so you can build it back up quickly.Spend the interest on non revenue producers like metal detectors or turf, which amazingly enough is getting closer to the end of its lifespan. Cant believe its already on year #7

Need to so something since Sioux falls and Grand Forks are competitive

If we piss away the surplus, tax payers will end up footing the bill and well need to beg to get anything done which sucks. Before you know it, it looks like the Fargo Civic, all run down. The dome is in great shape

[roadwarrior]

From the City of Fargo website. 2016 Financial statements.

Statement of cash flows for the Fargodome for the year ending Dec 31, 2016:

Acquisition of capital assets = -7,147,168
Investments redeemed = 8,519,382

Looks to me like they cashed in some investments and paid for the video boards with the cash.

[HerdBot]

From the City of Fargo website. 2016 Financial statements.

Statement of cash flows for the Fargodome for the year ending Dec 31, 2016:

Acquisition of capital assets = -7,147,168
Investments redeemed = 8,519,382

Looks to me like they cashed in some investments and paid for the video boards with the cash.

This is what the Forum reported... so maybe they meant cashed out existing bonds?

http://www.inforum.com/news/3933529-...w-video-boards

"The Fargo Dome Authority Board voted unanimously in favor of the plan, with board member Nancy Jordheim absent. The plan was originally said to cost $7.5 million to $9 million. It would be paid through a 7-to-10-year bond."