Event Center Cost on the Rise, before anything is approved.

The estimated price tag for a downtown event center has increased by $4.8 million over initial estimates in a draft report from the city’s financial adviser to Rocky Mount city staff.

In a prior report, the Chicago-based consulting firm AECOM Technical Services estimated the total costs for a 5,000-seat downtown event center would be $37.2 million.

But in a draft report submitted to city staff on March 12, the city’s financial adviser Davenport & Co. states that another $4.8 million would need to be spent on land, working capital, general contractor fees and contingency and project management costs.

Rocky Mount City Manager Charles Penny met with staff last week to discuss Davenport’s report, which outlined five different possible funding scenarios, including one that involved foreign investment in the project. (Source: Read more)