What is the total project cost?
An estimated $46.8 million.
What does the city owe?
With interest, an estimated $67.8 million.
How will the city pay for DPAC?
Durham has borrowed $33.7 million in the form of certificates of participation, privately invested bonds. The city will repay this debt with a budgeted annual installment of $2.5 million, for the next 28 years.
What are the funding sources for the annual $2.5 million payments?
What other costs are involved?
In addition, the city owes more money to the construction company, Skanska USA Building. The funding sources and amounts are as follows:
** Additional contribution from Duke University, not specifically for theater, but chosen by city to go toward project.
Source: City of Durham