Venue Update 2024
| About once a year, I've been
doing an update on the Lenoir City Venue, or as Mayor Aikens calls it,
"an economic engine for Lenoir City". The Venue was the brain child of
Aikens and the city had the right to build what they want. It's just
that with city officials always looking to raise taxes, it's a problem
when their "economic engine for Lenoir City" is bleeding money.
The Venue, owned by Lenoir City, is a conference and meeting facility, opened around the first of 2017 at the cost of $7,010,000.00. The loan for the Venue requires an annual payment of more that $271,716.00 per year until 2057. Operating expenses for the Venue continue to grow. However, revenues haven't quite kept pace with the costs by more nearly 2.7 million dollars since it opened in 2017. According to the most recent state audit:
With an "economic engine" like this, it's no wonder the mayor is always looking to raise more taxes, Rain Taxes, Sales Taxes, Property Taxes, Gas Taxes. Below are the year to year financial numbers on the Venue from the latest state audit.
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5/20/24
