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Committee supports using surplus bond proceeds to buy land near event center; parking revenue and graduation fees discussed
Summary
The committee recommended reallocating surplus 2025 bond proceeds—up to $7 million—to buy land surrounding the city's event center and discussed how parking and concessions revenue will flow to help cover operations and debt service.
Members of the Budget Finance Committee recommended a resolution to reallocate surplus proceeds from a 2025 general-obligation bond to buy land around the city's event center and to apply those proceeds to projects rather than letting the funds sit in a trustee account.
Staff explained there were savings and timing delays on several road projects (including the 116th and Allisonville intersection) that produced surplus bond proceeds. The staff presentation said the surplus could be used to acquire land for roads, trails and other needs near the event center and that the land acquisition agreement requires the city to…
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