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Council hears library financing update; city seeks donors to reduce a $3.1 million gap
Summary
City staff and financial advisor Sean Luntz outlined a plan on Feb. 10 to finance the new library using up to $10 million in CDA lease revenue bonds and identified an approximate $3.1 million funding gap that the city aims to fill with donations, grants and other sources.
City staff and financial advisor Sean Luntz of Ehlers updated the New Richmond City Council on Feb. 10 about financing for the library building project and outlined a plan centered on a $10 million Community Development Authority (CDA) lease revenue bond.
Luntz said the CDA lease revenue bond was selected because it allows 30-year financing and is exempt from both federal and Wisconsin state taxes, which can produce lower interest rates and does not count against the city’s general-obligation borrowing capacity. He said the city expects the bond issue to be priced in early March, with a possible…
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