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Georgetown approves land purchase, authorizes up to $18 million in bonds for new police station and public works building
Summary
The Georgetown Town Council approved purchase of a 2.66-acre parcel and passed a resolution authorizing up to $18 million in general obligation bonds to finance a new police station and public works building; council said the purchase price matched a third-party appraisal and the bonds set maximum parameters, including a 5% maximum interest rate.
Georgetown’s Town Council voted to buy 2.66 acres for a new police station and public works building and approved a resolution authorizing the issuance of up to $18,000,000 in general obligation bonds to help pay for the project.
The council approved an agreement to purchase a 2.66-acre portion of Sussex County tax parcel 135-14-205 for $1,130,000, the same figure the town said it received in an independent third‑party appraisal. Town staff said the closing is being scheduled with Fuquay, Willard & Schaub, and that, in lieu of cash, the seller agreed to a waiver of fees that otherwise would have been collected, including impact, inspection and building permit fees.
The land purchase moves forward an approved referendum to construct a combined police station and public works facility. Council member Gene (presenter) explained the parcel’s acreage, the appraisal parity with the purchase price and the planned closing; no additional purchase terms were specified in the meeting record.
Council also passed resolution 2025-01 authorizing the issuance of up to $18,000,000 aggregate principal amount of general obligation bonds, tax‑exempt, to finance the construction of the new facilities and to pay issuance costs. The resolution sets a maximum interest rate of 5 percent, names Wilmington Trust as paying agent and the Depository Trust Company in New York as the depository, and authorizes execution of related paying agent and continuing disclosure agreements. Town staff said the $18 million is the maximum approved by referendum and that the town expects to borrow substantially less and at an interest rate lower than the 5 percent maximum.
The bonds vote was taken by roll call and recorded as a four‑zero vote with Ward 4 absent. The land purchase was approved by voice vote at the meeting; council members signaled support verbally.
“This is something that’s desperately needed, and it’s going to help us with recruiting,” the mayor said after the bond vote, thanking residents for approving the referendum and encouraging the public to view schematic renderings the town displayed at the meeting.
The council did not provide a project construction schedule or a final budget at the meeting; staff said details such as final borrowed amount and interest rate will be determined by market conditions and subsequent sale parameters. The closing timeline for the land purchase was described as being scheduled, with no specific date disclosed.
