Next Step in Potential Georgetown Sports Complex Approved
Posted: Jan 25, 2018 12:42 AM
By Brianne Talocka/WRDE
(GEORGETOWN, Del.) - The next step in the potential Sports Complex is complete. Sussex County Council approved the Memorandum of Understanding 3-2. There was a change made since the last meeting. The loan was originally interest-free for 40 years, but now it's interest-free for 50 years.
Now that the MOU was approved, fundraising $2.5 million is one of the next steps for the Sports Center Foundation to take.
"Visits with other private foundations for funding, local businesses, state businesses for funding," says Bobby Horsey from the Sports Center Foundation.
Drafting the contract is another step. If that is approved Sussex County Council will lend the Sports Complex foundation 1.5 million dollars. No payments need to be made for the first 10 years, and after the 10 year mark Sussex County will have the option to buy the complex for $1. If they make the purchase, the $1.5 million loan will be forgiven, but Sussex County would be acquiring a near $4 million complex in exchange.
If the sports complex is approved, improvements will be made to the intersection at airport road to better navigate traffic and relieve storm water.
The land needed for the sports complex will not cost a penny because it's a donation. 56 acres of land are being donated to the Sports Center Foundation by land owner Joe Schell.