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Canton to pursue approximately $6 million loan to renovate downtown fire station; council authorizes next steps
Summary
The Canton City Council authorized staff to proceed with an RFP to secure debt financing through the Canton Building Authority to renovate the downtown fire station. The project is estimated at about $8 million with $2.2 million in county-held impact fees intended to help repay the borrowing.
The Canton City Council on Sept. 18 authorized city staff and its advisers to move forward with a financing plan for renovating the downtown fire station, approving a resolution that clears the way to solicit bank proposals for an intergovernmental revenue loan.
Doug Gephardt, financial adviser with Davenport and Company, told the council the downtown project’s total cost is about $8,000,000 and that $2,200,000 in fire impact fees currently held by Cherokee County are already designated toward the project. “We're looking to finance a new fire station downtown at an approximate cost of $8,000,000,” Gephardt said during a presentation to the council, adding that the city expects to borrow roughly $5,800,000 after applying the impact-fee balance.
The financing plan recommended using the Canton Building Authority as the issuer because the Downtown Development Authority (DDA)…
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