Updated at 8 p.m. Nov. 10 with details from the term sheet summary on the city’s project page, including about 600 parking spaces, the operator’s contribution schedule, and the city’s obligation to repay the bonds regardless of how the facility performs. Updated at 7:45 p.m. with the city’s announcement.
ALEXANDRIA, Va. — The city would borrow $107 million to build a 210,000-square-foot indoor sports and events complex at Cameron Run Regional Park, replacing Great Waves Water Park with a year-round facility run by a nonprofit created by the Alexandria Soccer Association, under a proposal presented to City Council on Tuesday night.
The Alexandria Sports and Events Complex would cost $117 million. The operator would contribute $10 million and the city would borrow the rest through general obligation bonds, according to a presentation city officials previewed for reporters Tuesday afternoon under an embargo that lifted when the item reached the docket.
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