Rapid City voters will decide on the future of the Barnett Area and Civic Center complex during a special election on June 5.
Earlier this year, the city council passed a resolution to issue bonds for a new arena at the civic center, as well as renovations to the 40-year-old Barnett Arena.
A group of citizens are referring the decision to a public vote.
Dana Dykehouse is the CEO of First Premier Bank. He helped with efforts to construct a new arena in Sioux Falls.
During an interview with the Morning Fill Up series at The Garage in Rapid City, Dykehouse says Sioux Falls needed a new arena after 50 years. But he says they had to convince voters to get to the polls.
“We tried to kind of overwhelm them with positives,” Dykehouse says. “That’s what got it done. Since then, our projection was 8 sold out shows. We had 23, and we’ve had it ever since. I mean, it’s just been an unmitigated success. Two-million-dollar cash flow it’s generating and just been a great deal.”
If approved by voters, the city will issue up to $110 million in bonds with sales tax revenue bonds and lease certificates of participation to cover the cost of constructing a new arena.
Interest included, the total cost would be about $180 million for a new arena.
Renovations for the Barnett would be around $27 million.
To hear Dykehouse's full Morning Fill Up interview, click play below.