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Committee backs extending CityView financing and revising interest cap
Summary
The committee recommended council approval to roll a one-year CityView bond to a five-year term and to amend the maximum interest rate and call provisions; staff said the change preserves flexibility for the city's portion of the project.
City staff outlined a change to the financing approach for the CityView project. A one-year bond issued in December 2024 is near maturity; staff recommended rolling that short-term financing into a longer-term financing of up to five years and amending the maximum interest rate and call provisions to reflect market conditions and to preserve flexibility for earlier payoff if warranted.
Staff emphasized the measure applies to the city’s portion of the CityView project — the developer portion remains separate — and said the amendment helps the project move forward after a brief development delay. The committee voted to recommend the amendments to the council.
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