BJCC agrees to fund Birmingham amphitheater, moving plan closer to goal
A planned $50 million Birmingham amphitheater got another piece of its funding put in place this week, according to BJCC officials.
The BJCC board of directors met on Monday and voted to approve a funding agreement between the Greater Birmingham Convention & Visitors Bureau and the Birmingham Jefferson Civic Center Authority to support the construction of a new outdoor amphitheater in North Birmingham that will anchor the $300 million Star at Uptown development on the former campus of the shuttered Carraway Methodist Medical Center.
It’s the same agreement approved by the convention bureau’s board last week, making a portion of lodging taxes from the BJCC’s Sheraton and Westin hotels available to pay debt service for the amphitheater.
The BJCC Board of Directors also voted to approve a resolution in support of an upfront $5 million contribution for the amphitheater, to lessen the amount that would have to be financed. The contribution, just like the funding agreement between the Greater Birmingham Convention & Visitors Bureau and the Birmingham Jefferson Civic Center Authority, is contingent upon approval by all parties involved.
“Other critical steps will be necessary in coming weeks for us to move forward with the project,” said a statement from the BJCC.
The amphitheater would be owned by the Birmingham Jefferson Civic Center and managed by Live Nation, which currently operates Oak Mountain Amphitheatre in Pelham, which would be shut down if the planned amphitheater in Birmingham is completed as planned.
The funding proposal calls for the City of Birmingham, the Jefferson County Commission, the BJCC and Live Nation to each make a one-time contribution of $5 million for a $20 million paydown on construction costs.
The BJCC would borrow $30 million over 30 years to fund the remaining construction costs.
The Jefferson County Commission and the Birmingham City Council will have to sign off on financial support, which they are expected to vote on possibly later this month.
Related: CVB approves agreement to relinquish BJCC funding to support $50 million amphitheater at Carraway
State Tourism Board to give CVB $3 million
Carraway Star development includes building new houses north of proposed amphitheater