Spendin’ excess funds
Due to prudent financial decisions through this pandemmie plus improving tourism and tax dollars rollin’ in, the City of SLO found themselves flush with extra cash midway through their budget cycle. City staff spent months pouring over how to properly and judiciously allocate the $24 million extra funds and City Council voted Feb 15 to make it rain and approved the adjusted budget. The bulk of it will be paying down pension debt ($12.4M, golf clap). The rest will be spent advancing major city goals, supporting existing public services, and addressing emerging community needs.
Filed under ‘advancing major city goals’, SLO REP will be getting a $3.94 million challenge grant toward the construction of a spanking new city-owned theatre building at Monterey & Nipomo. Adjacent to the longest-awaited city parking garage, the garage is now slated for 2024 completion and the theatre in 2027. The theatre itself could generate $3M annually in economic impact to our community, which will be part of a long envisioned Cultural District. With museums and theatres within walking distance for locals and tourists to soak up all that culture, this district would make D-town a hot spot destination for more than just Bull’s and tri-tip. [yas, please!]