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Board of Finance approves refinancing authorization for Burlington Square public improvements
Summary
The Burlington City Board of Finance voted unanimously to authorize refinancing up to $18,840,000 for Waterfront District public improvements associated with Burlington Square (formerly City Place). City staff said the interim loan has been held in an interest-bearing trust and permanent financing awaits clearer tax increment and grant outcomes.
The Burlington City Board of Finance voted unanimously to recommend that City Council authorize refinancing of $18,840,000 in interim financing tied to public improvements for Burlington Square, the development formerly called City Place.
City economic development director Brian Pahn and consultant David White told the board the $18,840,000 figure matches the interim borrowing the city previously placed in an interest-bearing trust. "The approved amount of debt actual approved amount of debt is $18,840,000," White…
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