North Augusta City Council discusses financial side of Riverside Village
As construction continues at Riverside Village in North Augusta, Mayor Bob Pettit gave an update on the financial side of the riverfront development.
Riverside Village is the development along the Savannah River in North Augusta, and includes SRP Park, where the Augusta GreenJackets just finished up their first season. It will also include retail, a Crowne Plaza hotel, apartments, condos and an office building.
During Monday night’s study session before the City Council meeting, Pettit started by telling Council that the the actual revenue from the development was around $190,000 lower than projected revenues, but that the city was going to be able to continue to pay the installment purchase bond payments, which were issued to pay for the public portions of Riverside Village.
Pettit said three reasons for the lower revenues were that there was no accommodations revenue from the hotel, which hasn’t opened, no revenue from parking in Riverside Village, and no revenue from admissions taxes.
The next bond payment is due in November, and Pettit said the payment is $1.2 million, and the city has $1.6 million on hand, excluding third quarter revenues.
Council also discussed completion dates for some of the aspects. A Southbound Smokehouse and Sweetwater Brewing Company that is part of the stadium is planned to open in late October, early November. The restaurant was initially going to have a Sweetwater micro-brewery, but Pettit said during Monday’s meeting that it would not.
The Crowne Plaza hotel, and the steakhouse inside, are set to open in late December, according to City Administrator Todd Glover. Glover also said the road infrastructure in Riverside Village would be completed before the next baseball season.
A parcel was set aside for a senior living component in Riverside Village, but no senior living company had committed to it. Glover said during the meeting there is interest to the parcel, but it is not senior living.
After the study session, Council had their regularly scheduled council meeting with one item on the agenda. A resolution authorizing the city to issue a permit to the Lion’s Club for the Christmas parade was unanimously passed, with all council members present.
Lions Club President Terra Carroll said the theme for this year’s parade is Christmas Around the World, and invited Council to have a float in the parade.
Carroll said the parade will be held Dec. 2 at 3 p.m.