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
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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.
533 In a row
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
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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".
533 In a row
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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
1. The FCS was the Best option for NDSU for a very long time.
2. As a general rule- the FCS sucks at football and has proven that is not committed to football at all.
3. It's time to go FBS
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
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17X National Champions: 65, 68, 69, 83, 85, 86, 88, 90, 11, 12, 13, 14, 15, 17, 18, 19, 21
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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.
533 In a row
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."
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17X National Champions: 65, 68, 69, 83, 85, 86, 88, 90, 11, 12, 13, 14, 15, 17, 18, 19, 21
Join the Green and the Gold Collective to take Bison football to the next level. Starts at $10 a month
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