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Hutchinson council approves issuance of taxable industrial revenue bonds for YMCA project
Summary
Council voted unanimously to authorize taxable industrial revenue bonds (IRBs) for a new YMCA building; city will hold lease only while YMCA pays debt and assumes all debt service obligations.
The Hutchinson City Council on March 4 voted unanimously to adopt an ordinance authorizing issuance of taxable industrial revenue bonds, series 2025, to finance a new YMCA building.
The move follows a November 5, 2024 resolution in which the council previously determined the advisability of issuing IRBs for a roughly $36 million YMCA project to construct a 75,000-square-foot health, wellness and fitness facility to replace the organization’s older building. Angela Richard, Hutchinson’s director of finance, told council that by…
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