The Augusta Coliseum Authority voted to move forward with negotiations to refinance its outstanding tax exempt bonds during its monthly meeting, Tuesday afternoon.
J. Edward Enoch, attorney for the Coliseum Authority, requested that he be authorized to coordinate with the city attorney and the finance department to refinance the coliseum’s bonds. He explained that, after speaking with Augusta’s general counsel Jim Plunkett, he learned the city is prepared to progress on refinancing.
He noted to the authority that per the arena’s new management agreement, which would go into effect once it has opened, the Coliseum Authority would no longer qualify for tax exempt bonds.
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“We have, right now, two tax exempt bonds outstanding,” explained Enoch to the Authority’s board members. “The city is going to retire one of those with SPLOST funds, and the other one we’re going to need to refinance to a taxable bond, and they’re ready to do that.”
Jon Rawlins, project manager with Nations Group, the Coliseum Authority’s partner in developing the new arena, gave an update on the complex’s construction progress, saying that some minor demolition will continue at the site for the next couple of weeks, after which all the demolition equipment will be moved offsite.
Workers are moving dirt into what used to be the basement of the arena. Deep foundation work is scheduled to start in June, after the dirt has been sufficiently compacted.
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“Sometime in about October, November, we’ll begin on the structural work,” Rawlins said. “Then you’ll start to actually see the bones of the arena go up, with some precast and other structural elements of the building.”
Brian Martin, general manager of the AEC, announced his impending resignation on April 30, during the meeting, to pursue other opportunities. Martin has been in the sports and event management industry for some 16 years, having worked with the likes of Oak View Group in Macon and the Colonial Life Arena in Columbia, S.C. He took the role of general manager at AEC in 2022.
“I’m truly grateful for the opportunity to work with such great individuals around this table and to lead such a talented team here locally, to contribute to the success and growth of the complex,” said Martin to the board. “The experiences I’ve gained, the relations I’ve built, and the goals we’ve accomplished here together always hold a special place in my heart.”
Skyler Andrews is a reporter covering business for The Augusta Press. Reach him at skyler@theaugustapress.com.
