Committee approves ordinance to renew parking garage notes up to $5.37 million, declares emergency

The Finance Committee on Sept. 2 approved an ordinance authorizing notes not to exceed $5,370,000 to renew prior borrowing for a city parking garage and declared an emergency to issue the short-term notes. Council Member Hauser moved the item and the committee approved it 5-0. Committee discussion focused on timing and financing strategy: staff recommended rolling the notes for another year with a six‑month call option rather than issuing a permanent bond immediately, citing cost considerations and the prospect of permanent bonding in March. The staff presenter said the city could do a ratings call now but that rolling short-term notes and waiting for a more favorable time to bond would be more cost efficient. The ordinance covers costs for acquiring, constructing, improving and equipping the parking garage, including site preparation. The committee approved the emergency declaration and the notes authorization by voice vote, 5-0. No final bond issuance was completed at the meeting; staff said future action in spring could convert the notes into long-term bonds.