Caroline supervisors facing another YMCA payment
The Caroline YMCA is set to open in March, but how it’s being paid for is still a sore topic among the county Board of Supervisors.
The fifth interest payment for the Caroline YMCA is due Saturday and, like the fourth payment six months ago, the county will foot most of the bill.
Every six months, an interest payment of $103,100 is due.
This time, the county will pay $96,057.10, according to an email from county finance director Fran Hatcher to County Administrator Charlie Culley that was distributed to the supervisors Tuesday night.
Money from the proffer fund and interest not used to date from the bond proceeds make up the rest.
Though the project was originally not intended to be paid for with tax dollars, it’s the county who is ultimately responsible for paying the bill.
Two months after the county borrowed the $5 million to build the YMCA, it signed an agreement with the YMCA making the county responsible for raising the money needed to repay the loan “less any amounts received by the YMCA from other sources as a result of any capital campaign conducted to raise funds for the project.
“No long-term indebtedness associated with the facility will be incurred by the YMCA,” the document states.
The first three payments were covered by proffers and money raised in the capital campaign. But that fund came up short in August, for the fourth payment.
A foundation was started at the end of last year to help raise money for the Y and other recreational projects around the county.
Officials from the foundation met yesterday to discuss naming rights, said Keith Marine, the YMCA’s executive director, in an interview.
Any money collected through naming rights will be put toward the capital fund—the money it costs to build the facility, Marine said.
The 41,000-square-foot facility is nearly complete, with an expected opening date in early March.
Marine said YMCA officials would like Sen. Mark Warner, D–Va., to be at the grand opening.
Carpeting throughout most of the building, the gym flooring, painting and pool paving are all completed, Marine said.
The floor of the group fitness studio is going to be sanded, the equipment has been ordered and the fitness center is being cleaned.
The room signs are posted, and the scoreboards and bleachers have been delivered and need to be assembled and installed.
Robyn Sidersky 540/374-5413