The Greater Boise Auditorium District on Nov. 10 agreed to a final purchase price of $26 million for the Boise Centre East expansion that opened in August.
The purchase is split into two parts as the expansions spans two interconnected buildings. The purchase was expected to close Nov. 18, GBAD/Boise Centre Executive Director Pat Rice said.
GBAD will pay $6.2 million cash to outright own the convention center meeting rooms on the fourth floor of the Clearwater Building.
The $19.8 million cost of the main Boise Centre East building with the fourth-floor ballroom, wedged between the Clearwater Building, will be paid from the $25 million bond issued by U.S. Bank through the Capital City Development Corp, Rice said.
CCDC will own the ballroom building as GBAD pays off the bond at $1.722 million a year over 20 years. The arrangement serves as a lease from CCDC, Rice said.
The construction of Boise Centre East came in $476,206 below the guaranteed maximum price offered by developer Gardner Company before building started. Tenant improvements came in an additional $345,000 under budget, Rice said.
Boise Centre East has a 14,000-square-foot ballroom and 12,500 square feet of meeting room space in four rooms that can be partitioned into as many as 12 smaller rooms.