GREENSBORO – Big changes and improvements are coming to the Greensboro Coliseum Complex, but at a hefty price tag.
The country's largest single-seat venue will see a serious facelift thanks to a multi-million dollar limited obligation bond approved by the city council Tuesday night.
From folded seating and outdated concession stands to cracked parking lots and aging rooftops, the Greenboro Coliseum Complex is about to see some big time improvements.
"If we don't maintain our properties, and continuously improve upon these properties, then we will fall victim to loose all of these revenues to other cities,” said McArthur Davis, Coliseum Complex board member.
The Greensboro City Council approved $24 million in bonds to update the regional venue, money the complex generates through the hotel/motel tax.
"So these are non-taxpayer dollars that are being used, to re-invest back into the greatest city's asset, to generate even more hotel tax revenues, to be used for further improvements,” said Matt Brown, Greensboro Coliseum Complex board member.
Nearly $14 million in capital improvements will go to help replace seating, widen concourses, build new concession stands and update equipment like the coliseum scoreboard.
"We're going to be expanding the size of our video scoring, scoreboard video panel, through the whole width of that scoreboard system, and trying to create a more modern upgraded feel,” said Brown.
More than $4 million will also be used to replace the aging roofs, while another $2 million will go to resurface and expand the parking lots.
An investment that allows the coliseum to continue to compete, while generating millions back into the local economy.
"It's a major way and statement for the city to make, and to take care of the property we own, and show and compete with other venues like the Charlottes, the Raleighs, the Tampas, the Atlantas, that Greensboro is the place to be if you've got a basketball tournament, any tournament or concert,” said Zach Matheny, Greensboro City Council member.
Phase one of renovations will begin this fall and is expected to be complete in time for the ACC Tournaments in march
Other upgrades are expected to continue through 2015.