Council reviews debt schedule options for police and fire renovations; asks for tax-impact analysis

Council received an illustrative debt schedule that bundles renovations for the police station and Fire Station 1 and compared it to a previously studied public-safety complex. Staff presented two timing/financing options and asked whether council wanted staff and the city's financial adviser to proceed with deeper analysis.

Why it matters: the council signaled support for moving the project toward formal financing but asked for specific information on the tax-rate impact of different instruments (certificates of obligation versus general obligation bonds), the likely timetable for issuance and construction, and whether the city's current tax rate would cover projected annual debt service.

Discussion and direction: council members asked the finance team to model (1) CO issuance scenarios and (2) GO bond scenarios that would go to voter approval, along with the probable schedule for issuance and construction. Members requested estimated annual debt service figures and the effect on the city's tax rate, including whether an emergency rate change would be needed or whether the costs could be phased into the next budget cycle. Staff said their financial advisers would run analyses showing probable tax-rate increases and amortization schedules and return that information to council.

Context: Council members characterized the facility renovations as overdue and necessary. Several requested the capital plan be tied to a multi-year budget picture to show how the debt service would interact with other decision packages and equipment needs.

Next steps: staff will ask the city's financial advisers to prepare tax-impact scenarios, taxable vs. non-taxable series options if applicable, and five-year budget impacts for council review prior to any bond issuance decision.