MORGANTOWN — Morgantown City Council approved a supplemental resolution Tuesday evening finalizing financing for BOPARC’s new Marilla Pool complex.
Rob Steptoe, representing underwriter Crews & Associates, explained the low bid for the project came in at about $12.1 million.
Once a 10%, or $1.2 million, construction contingency is added in along with another $925,000 in miscellaneous fees, the total project budget is $14,234,000.
March-Westin will build the new aquatic center complex, expected to open in upper Marilla Park in 2025.
Tuesday’s resolution was supplemental to a November 2022 bond authorizing ordinance through which the city conveyed ownership of the future pool complex to the Morgantown Building Commission in exchange for the sale and issuance of construction bonds.
The city will lease the pool property back from the building commission, thereby paying the debt service on the bond issuance, which will not exceed $16 million.
Steptoe explained the final financing variable will be interest rates. He noted bond market rates have dropped from 5.40% in late October to 4.75%.
“That’s 65 basis points. So pretty much 65% of 1% in interest cost, and 1% in interest on $14 or $15 million is a lot of interest savings, believe it or not, over a period of 25 years,” he said. “So, let’s keep our fingers crossed that we have this market next Thursday.”
In a related item, council passed on first reading an ordinance abandoning a portion of East Brockway Avenue.
City Attorney Ryan Simonton said the segment of East Brockway in upper Marilla Park will be relocated.
“Relocating the roadway will allow the pool to be built with parking directly beside the pool, so patrons don’t have to park and cross the road to enter the aquatic complex,” he said.
The street relocation will be done as part of the pool project bid accepted from March-Westin.
Lastly, the council approved an expenditure of $103,200 to purchase a new internal theatrical lighting system for the Metropolitan Theatre.
Assistant City Manager Emily Muzzarelli explained the current system is 20 years old and the city is struggling to maintain it.
Installation of the new system will be separately bid at a future date according to Muzzarelli.
