Performing Arts Center on schedule
The City of Omaha started writing a $15 million check Tuesday to pay its share of the new $90 million Omaha Performing Arts Center rising north of Gene Leahy Mall.
The city contribution is part of the agreement with the Omaha Performing Arts Society for the landmark concert hall.
Under the 2002 agreement, the city is required to put up its share when the Omaha Performing Arts Society certifies that it has deposited or spent $45 million.
Spending on the project will reach $45 million in September, triggering the city action. The City Council adopted two resolutions approving its share of the costs Tuesday and is expected to pass the final ordinance authorizing issuing bonds next week.
"We are on schedule to open in the fall of 2005," said Sue Morris, president of Heritage Services, which is handling fund-raising for the project. "We hope to have a public opening at the end of October or early November of next year."
"We are in great shape," Morris said. "Fund-raising is on target."
The Performing Arts Society also took over the Orpheum Theater and has completed $10 million in renovations at the historic theater. The combined price tag for the new construction and renovation of the Orpheum is $100 million.
Private donors are expected to provide $85 million, with the other $15 million from the city. Private financial commitments have surpassed $75 million, Morris said.
The total city borrowing for the project is $21.3 million. In addition to the $15 million in direct construction costs, $6 million is for site improvements, including sidewalks, utilities and streets. An additional $300,000 in city funds will pay the fees associated with issuing bonds.
An aerial view of progress on the Omaha Performing Arts Center in downtown Omaha.