PFD Bond Finalized, Work at Sports Hub to Begin Soon

The sale of a long-awaited $2 million bond for the Lewis County Public Facilities District went through Thursday, and work is expected to begin shortly on renovation and expansion of the NW Sports Hub.

“It’s a huge relief,” said PFD Board Chairman Todd Chaput. “We’ve been in a holding pattern. We’re excited to have this done and ready to move forward.”

The finalized bond will bring $1.99 million to the PFD’s project fund, thanks to a rally in the bond market just before the sale. Projections in the month leading up to the sale showed the bond had dipped to the $1.7 million range.

“Luckily the the bond market moved in our favor, and we were able to recoup some of those losses,” Chaput said.

The project is one the PFD has been working on for some time. It will restructure the district’s current $5.7-million, 20-year bond — which began in 2007 — extending it for 15 years and building in a more stable payment structure, along with the $2 million in new capital.

The new cashflow will allow the PFD to complete work at the Sports Hub that it’s long been eager to do. Phase 1 of the project will include completion of the upstairs portion of the facility, adding an elevator, spectator seating, bathrooms and office space. That portion is currently in the design phase with Meyer Architecture, and Chaput expects the finishing work to be completed by the end of this summer.

The more ambitious phase of the project is the expansion of the facility, a 20,000 square foot addition that will include three basketball courts, six volleyball courts and an interior softball field. As the Sports Hub has become a destination for athletic tournaments in the region, adding to its capacity is something that backers think will increase its drawing power.

“We’re going to see top-class events coming in,” said Elijah White, executive director of the Twin Cities Sports Commission, the PFD’s marketing arm. “We’ll be able to bid on national events that will bring people from all over the country. Right now we get a lot of West Coast teams. With an even increased space, we’ll be able to bid on tournaments that are college-level tournaments that bring in high-quality teams.”

Since its opening, the Sports Hub has hosted a near-constant schedule of sports tournaments, which PFD members say has filled up local hotels and brought revenue to nearby restaurants and outlet centers.

“The nice thing about that is it’s youth, and kids travel with their parents,” Chaput said. “Hopefully they have a good time and come back and visit us again. It has a huge economic impact in our area.”

Arny Davis, who serves as treasurer for both Lewis County and the PFD, said numbers are hard to come by, but it’s clear the Sports Hub is an economic boon to the area.

“It’s well worth it, and it’s going to help bolster our local economy,” he said. “It’s hard to quantify heads in beds and restaurant and outlet mall ramifications of these extra people being in our area, but it’s clearly there. ... The revenue that’s being generated repays the bond.”

This weekend, the Sports Hub is hosting a wrestling tournament that Chaput said is bringing in competitors from 11 states.

The facility expansion has not yet been designed, but Chaput said he hopes to have bid documents out by the end of April. Amid a busy construction season, it may be difficult to find a contractor who can start work this summer, but the PFD is hopeful to get the work completed as soon as possible.

“A lot of our competitors in Portland and Seattle have to utilize multiple facilities to get the playing space that we are able to offer in one area,” White said. “We are able to do it for a cost that’s a fraction of our competitors. An expansion will take us to that next level.”

KeyBank is serving as underwriter of the bond, with Lewis County serving as guarantor. Northwest Municipal Advisors is the PFD’s bond advisor, while Foster Pepper LLC is serving as bond council.

Meanwhile, the PFD is working with Apex Marketing to explore the possibility of a naming rights deal for the Sports Hub. The firm has worked with the district on locating places for signage, and Apex is collecting data on the impressions that signage could produce. Next month, Apex will be back in town to meet with potential naming rights partners.

“It will be exciting to see who they come up with,” White said. “I’d like to get a good partner involved that sees our mission. A giant check is fantastic, but someone who’s here to participate would be that much better.”

Meanwhile, the PFD board has seen some turnover recently, with the departures of CJ Neer and Derrick Wojcik-Damers. Tom Crowson has been appointed to fill the seat held vacated by Neer, while the remaining position is still empty as county commissioners seek candidates.