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Staff briefs council on extending $16.6M bond anticipation note for Shoreline Self Storage; decision deferred to May 5
Summary
Staff presented ordinance 1034 to extend a $16.6 million bond anticipation note tied to the Shoreline Self Storage property from June 1, 2025 to June 1, 2028; staff said the self-storage fund will cover higher interest costs but the item will return for council consideration May 5.
City staff presented Ordinance 1034 on April 28, 2025, recommending a three-year extension of a $16,600,000 bond anticipation note (BAN) tied to the Shoreline Self Storage property. Council took no action; staff said the ordinance will return on the May 5 consent agenda to allow for closing arrangements before the existing balloon payment is due June 1.
Joe Brandstetter, Shoreline’s administrative services director, said the principal would remain $16.6 million while the interest rate on the BAN would…
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