WREX.com – Rockford’s News LeaderRockford committee signs off on MetroCentre money

Rockford committee signs off on MetroCentre money

By Marissa Alter

ROCKFORD (WREX) - Rockford's MetroCentre is one step closer to getting $800,000 from Rockford shortly to help pay off vendors and take care of expenses. It won't be on July 1 as the arena had hoped, but it could be soon.

Last week Rockford's Finance and Personnel Committee held off on approving the Metro-City Ad Hoc Committee's recommendations to keep the downtown arena in business. Tonight those proposals, including a $3.3 million operating subsidy over three years, passed out of committee.

Alderman Venita Hervey brought questions along with her report to tonight's meeting. She  worried the report's economic forecast for the MetroCentre wasn't conservative enough, especially when it came to the percentage of suites filled. The report projects 75% occupancy for 2010.

"Make sure there's enough in the funding, but also make sure that we're not over-projecting in terms of sales and revenues from events," she stated.

Hervey and most committee members signed off on the report, but Alderman Linda McNeely did not.

"We need to be more careful with the taxpayers dollars, so I think that what came out of that Ad Hoc Committee was not good enough for me to say yes, I support this," explained McNeely.

What the committee didn't do was ask the full council to suspend the rules and take a vote on the recommendations today as well. MetroCentre General Manager Brian Luther says he wasn't surprised, but admits a vote soon is crucial to the MetroCentre, which begins its fiscal year Wednesday. The report called for the arena to get $800,000 of the $1.2 million subsidy July 1.

"We do have a lot of our vendors needing this payment right away and so every week that goes by, we want a resolution. So all we can hope for is the vote will come through in our favor next Monday."

Alderman Carl Wasco is confident a full vote will come next week. In the past few days, he reached out to his colleagues to hear their thoughts and concerns.

"I think they just had to get a comfort level with the report and a comfort level with the redevelopment fund and where we're going and then move forward," said Wasco.

Tonight aldermen authorized the sale of up to $8.1 million in bonds to refinance debt in the redevelopment fund. That's where the money to cover the MetroCentre's operating subsidy would come from.