Convention Center, Sports Arena Nearing Approval, Ground-breaking

VANCOUVER, WA-The plan for developing a 6,500-seat sports arena and a 30,000-sf convention hall will go before the city council this week. The city hopes to break ground on the project this season.

To cover most of the estimated $59.1 million cost of construction, the Vancouver Public Facilities District and the Vancouver Downtown Redevelopment Authority are recommending the city sell $50 million in bonds to the Seattle-based investment bank Piper Jaffray, which would market them to individual investors.

The two boards chose Piper Jaffray’s package over one from Bank of America in part because it consumes only $4.2 million of the city’s $ 43.7 million in non-voted-approved debt capacity while the Bank of America package tied up nearly all of it.