Bolivar council authorizes $4 million phased start for sportsplex/YMCA project; mayor cleared to purchase armory

Bolivar — The Bolivar City Council on May 8 approved a phased financing plan for a proposed sportsplex and YMCA partnership and authorized the mayor to move to secure the armory property while federal funding is processed.

Council action followed a presentation from John Warner of Cumberland Securities, the city’s municipal advisor, who recommended a phased approach and described a likely path using interim bank financing followed by long-term loan placement with USDA Rural Development. “USDA offers a 40-year amortization,” Warner said, adding that interim borrowings would be converted to a long-term USDA loan once the project is complete.

The council voted to authorize up to $4,000,000 for phase 1, described by city staff as sufficient to purchase the armory building and begin initial interior work and site acquisition. The council also passed a separate motion authorizing the mayor to purchase the armory property at the price discussed in the meeting (the motion specified an upper limit as read into the record). Mayor (title recorded in the meeting) said the armory owner had indicated it would be placed on the open market if the city did…