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Canton approves financing plan for downtown fire station renovation with Synovus loan
Summary
Council authorized an intergovernmental contract and a Building Authority revenue bond financing plan to fund a roughly $8 million downtown fire station renovation; Synovus Bank proposed a 20-year note at 4.18% with no prepayment penalty, and impact fees will repay the debt.
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…
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