Due to unexpected delays in the construction process, the Casco Bay Arena will not be operational for the 2014-15 season. To avoid incurring additional borrowing costs, we will complete all of the site and foundation work, and suspend construction operations until April 1, 2015. The completed Arena will be delivered no later than September 30, 2015.
This is a very difficult decision, but we believe it is consistent with our ethical and fiduciary obligations to the Casco Bay Hockey Association and its members. There are two reasons for our decision.
First, the recent construction delays would result in the rink slab being poured in December. The slab would require a 30-day curing period during which it should not be exposed to below-freezing temperatures. Although we all want to skate on the rink this winter, we do not believe it is feasible to protect the curing slab from freezing temperatures and we cannot take the risk that the structural integrity of the slab could be compromised.
Second, the delays will shorten 2014-15 operational season for the Arena. This would significantly limit our revenue from the Arena and might require a capital infusion from Casco Bay Hockey Association. In light of our need to raise $150,000 for our final construction budget, we do not believe exposing Casco Bay Hockey Association to any additional financial risk merely to open the Arena for part of this season is prudent or consistent with our fiduciary duties.
These delays are in no way attributable to PATCO, Scott Dugas Excavating or Rink Specialists. Our construction team has been outstanding, and along with Bangor Savings Bank, is committed to completion of this project. We merely had a tight construction schedule with little room for any construction delays.
We believe that the temporary delay of the project is in the best interests of Casco Bay Hockey Association and is consistent with our ethical and fiduciary obligations to our members. The good news is that we have secured all of our permits, approvals and financing, all of our site work, footings, and foundation will be completed shortly, and we will be ready for final construction in the spring.
During the upcoming season, we will continue our fundraising campaign. We need to raise $150,000 to fill our funding gap. Thank you in advance for your understanding and generosity in supporting our Arena.