The cost to renovate Memorial Hall is higher than estimated. Sara Bedinghaus of 3CDC says the contractor bids were $3 million more than expected.
3CDC is overseeing the renovations and expansion, and will operate the facility when it reopens in January, 2017. It will still be owned by Hamilton County.
“It’s a competitive market right now. There’s a lot of construction going on and so the contractors and subcontractors can be selective. So we’re seeing higher prices across the board,” says Bedinghaus.
Bedinghaus says that leaves the project with a $780,000 shortfall. She says the project will use a loan from 3CDC in the meantime before making up the gap with private fundraising.
“I think we have some leads on some other institutions that are willing to kick in on that. So we’re getting very close.”
Much of the other financing comes from tax credits, grants, and other donations.
Bedinghaus updated Hamilton County Commissioners on the project Monday morning.