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Council hears library financing update; $10 million CDA lease revenue bond planned, $3.1M fundraising gap
Summary
City financial advisers told the New Richmond City Council on Feb. 10 they plan to finance the new library through a Community Development Authority lease revenue bond of up to $10 million and that the project still faces an estimated $3.1 million funding gap.
City financial advisers and staff updated the New Richmond City Council on Feb. 10 about the financing plan for the library building project and urged a coordinated fundraising push to close a roughly $3.1 million projected gap.
Sean Luntz of Ehlers, the city’s financial advisor, told the council the preferred financing instrument is a Community Development Authority (CDA) lease revenue bond sized at up to $10 million, which would permit 30-year financing and is, under Wisconsin rules, exempt from both federal and state income taxes. Luntz and staff projected annual principal-and-interest payments of about $640,000 if the…
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