The addition could house between 35,000 and 40,000 square feet, including the exhibition space and breakout rooms.
"It (square footage) will stay constant for the exhibit space and breakout rooms. The other areas we will look at, may have to reduce a bit to stay within costs," said County Clerk/Auditor Steve Rawlings.
The existing facility, which opened in September of 2004, includes 43,800 square feet, of which 35,000 square feet is exhibit and meeting room/ballroom space.
The bond is due to be repaid over 22 years at an interest rate just under 4.6 percent. To take advantage of "the best interest rate on the bonding," Rawlings said sales tax revenue coming into the county will be leveraged to secure the bond. However, the actual payment source will be from transient room taxes, sales taxes added to hotel, restaurant and rental vehicle bills.
In 2005, $3,125,000 was generated from TRT taxes, with more than $3.3 million projected this year. Added to that is a $500,000 allocation from the 2006 State Legislature plus $250,000 in new funds from increased TRT tax approved by the Legislature.
No property tax hike is planned to pay for the expansion.
"It's an additional boon to the economic benefit of Davis County," Page said of the expansion. "We lost 42 events last year because of not having the space. They're (conferences) worth a lot more than just a meeting. They were major events (lost)," with many groups seeking exhibition space.
"I just think the demand for the center has proven itself. We look forward to getting another phase in place," she added.
The commission voted unanimously July 11 to move forward in seeking bonding.
Zions Bank Public Finance is handling bond-related matters. John Bronson, a firm vice president, said he will seek a AAA bond rating, "which could save hundreds of thousands of dollars" over the life of the bond by locking in a lower interest rate.
The Layton City Council, meanwhile, was due to receive an update from City Manager Alex Jensen Thursday night, Aug. 17, on what involvement it might provide in the expansion.
"There will be limited participation," Jensen told the Clipper Wednesday morning. "We certainly support the county's decision to expand. Our question all along has been what role the city should have.
"Our decision has been, there is some limited role to play, similar to what we have done with Weber State University (for its new campus) or with the Davis School District," Jensen said.
When the Conference Center was built, the city provided some storm drainage work, piping and purchase of property for a storm detention pond.
"Those were things that normally would've been provided by the (construction) applicant, but were certainly improvements that benefited the city," Jensen said. "The feeling was it made sense to be involved in those things that would help us both (city, county).
"This (expansion-related city involvement) is much more limited involvement" on Layton City's part, he said. "We want to indicate our support, but want to be frugal with our citizens' resources."