Drowning in debt, Triangle Aquatic Center wants Cary to buy swim facility
The Triangle Aquatic Center is swimming in troubled financial waters and wants the town of Cary to throw it a $14 million life preserver.
…Thanks to the financial meltdown, the nonprofit that built and runs the facility says it will have trouble paying off its debt without significantly raising the fees it charges the public. Instead of hiking those rates – which could drive off customers – TAC President Mike Curran has asked the town to buy the facility by assuming its debt.
…TAC…posted a net gain of $114,448 on nearly $1.4 million in revenue last year. That operational number excludes debt payments and donations from the Curran Foundation.
Hill Carrow…who runs Cary-based Sports & Properties Inc., says facilities such as TAC are rarely self-sustaining. “The only way you can make that work – you’d have to have everything paid for in advance,” says Carrow. “You can’t have any debt service.”