Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Walnut Creek council approves lease revenue bonds to fund Heather Farm Aquatic and Community Center
Summary
The Walnut Creek City Council approved lease revenue bonds and related appropriations to finance construction of the Heather Farm Aquatic and Community Center, authorizing up to $60 million in aggregate principal and appropriating $55 million for the project; competitive sale is scheduled for Dec. 3.
Walnut Creek’s City Council voted Nov. 18 to authorize lease revenue bonds to help finance the Heather Farm Aquatic and Community Center and to create a bond fund to hold the project proceeds.
Administrative Services Director Kirsten Lacasse told the council the construction contract was awarded to Lathrop Construction with the lowest responsive bid of $51,600,000 and that total project costs are estimated at $75,800,000. To bridge the gap, the city plans $55,000,000 in bond financing, together with existing general fund and Measure O reserves. Lacasse described an estimated annual debt service of about $7,700,000 and said the proposed bond term is roughly 7½ years to align with…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
