Canton City Council voted to approve a resolution authorizing an intergovernmental contract relating to the Canton Building Authority revenue bond series 2025 to finance renovation and construction work at the downtown fire station.

City staff said the total project cost is approximately $8,000,000, of which about $2,200,000 in fire impact fees are already on hand. The city plans to finance slightly less than $6,000,000 through the Canton Building Authority; the authority has already approved the related resolution.

"They came back and proposed a 20 year note, at 4.18%." said Mister Ingram, a city staff member presenting the financing details. He added that Synovus Bank submitted the most responsive proposal and that the loan has no-call provisions, allowing the city to pay the debt early without penalty.

City staff said Davenport and Company and bond counsel recommended securing financing through the Canton Building Authority (CBA). The staff presentation said the CBA will receive a transfer of property from the Downtown Development Authority as part of the process.

Council members asked about competing bids. Staff said Truist submitted a 4.15% proposal but with a variable rate and call restrictions; other bids ranged from about 4.35% to 5.3%. The city noted that the Synovus proposal at 4.18% was competitive and had no-call terms, which city officials said preserves the option to refinance or pay early if local development produces additional impact fee revenue.

Mister Ingram told the council the city plans an interest-only payment period for the first three years of the 20-year note to allow the impact fee fund to accumulate: "For the first 3 years, we're paying interest only. It'll afford us a little bit of an opportunity to accumulate some of those fire impact fees during the first 3 so that we can assure ourselves that impact fees only will be used to pay off this debt." The council repeatedly confirmed that no general‑fund taxpayer dollars will be used to pay the loan; staff said the debt service will be paid from fire impact fees collected from development.

The resolution and intergovernmental contract passed with all members voting in favor.

The city said the financing will support renovation and construction of a downtown fire station and that staff and finance partners will return with closing documents and next steps.