Sportsplex finances

Florence officials are still working out the details of shifting most of its sports facilities from Veterans Park to land near the intersection of Alabama 20 and Gunwaleford Road. But it appears they have a plan to pay for building the new facilities -- and it appears to be a good one.

For several months, the city council has been discussing ways to pay for a sportsplex. Loans and bonds were discussed, but few are interested in incurring that much debt. In all, the complex is expected to cost about $15 million.

The council is considering borrowing money, but not on the open market. Instead, council members are looking at money already on hand.

The city's liability and workers compensation funds have $4.7 million in excess of reserves, which the council is considering using to pay for the first phase of construction. The money would be added to $5 million borrowed by the previous administration.

The money borrowed from the two funds would be repaid during a five-year period using revenue generated from a 1-cent sales tax adopted in 1995.

The city has about 180 acres of land for the sportsplex it got in a swap for land that was purchased seven years ago for Frost Commerce Park. Much of the land in the commerce park property proved to be unsuitable for industrial development because it drains into the Key Cave National Wildlife Refuge.

The first phase of development for the sportsplex would be the most expensive because the ground must be prepared for playing fields and parking. City officials say the second phase of development would be less expensive because all ground preparation will be done in the initial development.

Florence officials have talked about building a new sports complex for years. Now, with the city's agreement with the Retirement Systems of Alabama to develop Veterans Park as a tourist attraction looming, the discussion has advanced to the planning stage.

The development of Veterans Park is the last phase of an economic development partnership between Colbert and Lauderdale counties and RSA, which included construction of a Marriott hotel and a pair of Robert Trent Jones Golf Trail courses. City officials and RSA Chief Executive Officer David Bronner have not made a decision about what to build in Veterans Park, but it appears a shopping center anchored by a Bass Pro Shops store will be the choice.

Florence's sports facilities are not concentrated on one area, as is the trend these days. Building a sportsplex off Alabama 20 not only will create a central, all-new complex, it will encourage retail development on the western edge of town.

And using reserve money should keep the cost under control and prevent new debt from being added to the city's bottom line.

This looks like a good financial plan for a must-do project.