FARGO, N.D. – A potential funding issue has been identified in the FARGODOME’s Phase Two proposal for the new Fargo Convention Center project.
The group’s Phase One proposal said the FargoDome Authority (FDA) ‘was willing to pledge a significant amount of funds from the Fargodome Permanent Fund toward the capital stack of the Convention Center,’ according to a letter in the second phase proposal from FDA President David Suppes. “That commitment was made deliberately to demonstrate our financial strength, reduce public burden, and ensure that both the Convention Center and the Fargodome would benefit from coordinated reinvestment.”
Now, the FDA says NDSU believes ‘using Fargodome Permanent funds toward the Convention Center would preclude other necessary improvements at Fargodome.’ It also cited the recent move of the NDSU football to the Football Bowl Subdivision as highlighting ‘their (NDSU) belief that Fargodome Permanent funds should be reserved for Fargodome renovations rather than allocated toward Convention Center construction.’
Suppes says the current land lease between the FDA and NDSU ‘must ultimately be amended to allow the Convention Center, hotel, and entertainment district to proceed,’ saying it could ‘now be more challenging than previously understood.’
The FDA also says a possible funding gap could ‘equire additional public investment, alternative funding solutions, and/or revisiting the overall convention center building program.’
The issue will likely come up on March 10, when they’re scheduled to take part in an interview with the Convention Center committee.
