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Recreation center plan: city presents $37M design and financing path, proposes $15M bond without new millage
Summary
City staff and consultants presented a $37 million construction estimate for the proposed Pontiac recreation center and a financing plan that would combine existing fund balances, ARPA dollars and a proposed $15 million bond; no new millage would be required, officials said.
Deputy Mayor Michael Calfani and finance consultants presented a financing plan March 4 for a proposed new recreation center at the former McCarroll School site. The design estimate presented to council was $37 million for construction (not including some optional features); staff proposed up to $40 million in total project funds to hedge against market changes and recommended a borrowing package capped at $15 million with no new millage.
The proposal’s funding mix, as presented, would use $15 million…
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