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Committee backs lease-financing plan to purchase community center under redevelopment authority
Summary
Committee members recommended a resolution authorizing a lease-purchase financing structure to acquire a new community center. Staff said the financing will use a build-operate-transfer structure and conduit lease to keep the obligation off the city's direct debt limit.
Budget Finance Committee members recommended that the city approve a lease-financing structure to purchase a new community center being built under a build-operate-transfer arrangement. Finance staff described the plan as a lease between the redevelopment authority (the lessor) and the city to allow debt service to flow through the authority rather than creating direct city general-obligation debt.
A finance presenter told the committee the…
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