Commissioners said they expect TRAC to be able to repay the loan by the time it is due
"Cash flow speaks not to the amount of money, but to the timing of the money," said Commissioner
The facility should be able to recoup the money once the number of conventions picks up, which is expected in the fall, said County Administrator
"Summer months are the slower times for those types of facilities," he said.
The county loaned TRAC
"Right now, the county has
Bowen agreed that was correct and then the three commissioners unanimously approved the loan.
The loan will be paid back at a 0.8 percent interest rate.
TRAC General Manager
TRAC could take another hit on bookings for weddings and other events from the recently opened Reach center in
However, some city and county officials have said TRAC is worth subsidizing because it attracts tourists to the area and some have credited the center with helping attract other businesses to the Road 68 area.
But TRAC has had other financial missteps this year.
A state auditor's report released in March faulted TRAC for its oversight of ATMs at the facility. The county has since hired an outside contractor to manage the cash machines.
The county also is requesting bids on a comprehensive outside audit of TRAC. County Auditor
Woody also announced that the
Three members are named by the city council, three by the commissioners, with the TRAC board members picking the seventh.
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