UPDATE 12/20/10 @ 10 p.m.
HUNTINGTON, W.Va. (WSAZ) -- Huntington City Council members met Monday evening to vote on an amendment for the Civic Arena improvement project.
City Council members said originally they were getting a good deal on the loan, but interest rates have since increased.
The amendment was to borrow less money for a lower rate, if they can get it. Council members said if they don't get a lower interest rate, they will not be able to make improvements.
"If we can't than we won't be able to replace the seats, we won't be able to replace the heater and boiler system, we won't be able to fix the plaza, certainly we wouldn't be able to bring in ice hockey improvements," Councilman Steve Williams said.
Council expects to know in the next few days if they can get the lower interest rate.
Huntington City Council has been trying to secure bonds for the Big Sandy Superstore Arena with the potential of bringing back a hockey league.
While they didn't specifically address hockey at Monday night's City Council meeting, the city's Finance Committee did propose the issuance of $5.1 million in bonds.
The plan is to borrow $3.8 million for new seats at the arena and improvements outside on the plaza. They say they'd like to pay it back during the next 20 years.
"We're refinancing some of the debt that's already on the Superstore Arena, as well as the Jean Dean Public Safety Building," City Councilman Steve Williams said. "But the interest rates are so low right now we can do all the additional $5.1 million worth of work and refinance the bonds and only cost the city $20,000 a year for the next years."
Talk of the ice rink spilled over into the public's comments during the City Council meeting.
"Ice hockey really did not succeed previously. Why would we want to spend $300,000 on something that did not succeed before? That might be throwing good money after bad," City Council member Steve Williams said.
It's a lot of money to risk, especially when there are so many other improvements to be made. Renovations include replacing all the seating and putting in three sections of club seating, redoing the front plaza and getting a new boiler.
Replacing the seats alone will cost $3.8 million of the bond issued for arena improvements, leading Council members to believe the money initially set aside for an ice rink may be better suited elsewhere.
"I think the safety of the patrons is one thing we have to look out for. I mean the infrastructure is 33 years old; it probably has a lifespan of about 20 to 25 years ... If we don't do it now the question is when are we going to do it? ... because it is a must," said Civic Arena General Manager Brian Sipe.
To help support the financial demands of renovations, the city will refinance existing arena improvement bonds. The Municipal Development Authority also approved Monday the second reading to approve recovery bond financing, which would be issued by the end of the year.
As far as hockey is concerned, the city isn't sure it's the best way to spend bond dollars right now. It first needs investors to bring in a team and the guarantee there will be fans to support such a big athletic venture.
The Blizzard was a pro hockey team, and hockey could make a return to Huntington -- thanks to a possible $5.1 million bond the Big Sandy Superstore Arena.
"There's always been a lot of chatter about hockey," A.J. Boleski, general manager of the Big Sandy Superstore Arena, said. "I've always heard good things about the Blizzard. We're looking forward to possibly bringing that back one day."
If received, $4 million of the bond would be used to replace seats and the bleachers below them. They've been there since the civic arena was constructed in the 1970s. The rest of the money would be used to purchase a new boiler for the arena's heating system, repairs to the front plaza and hockey equipment.
First, though, the bond has to be approved. It's already made its way through the Cabell County Commission and is now headed to City Hall.
"It's good for the city, good for the economy and it gives something for people to do," Huntington City Councilman Scott Caserta says of ice sports at the Big Sandy Superstore Arena.
The bond isn't set on any City Council agenda yet, but council members expect it'll be discussed toward the end of February.
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