Council authorizes Canton Building Authority bond to finance downtown fire station; Synovus offers 20‑year note at 4.18%

The Canton City Council on Oct. 16 approved a resolution authorizing the execution of an intergovernmental contract relating to the Canton Building Authority revenue bond series 2025 to finance renovation of the downtown fire station.

Mister Ingram, city staff presenting the financing plan, said the project is estimated at approximately $8 million and that the city has about $2.2 million in fire impact fees on hand. He told the council that Davenport distributed a request for proposals and Synovus Bank submitted the most responsive proposal: a 20‑year note at 4.18% with no call restrictions. "They came back and proposed a 20 year note, at 4.18%," Ingram said. He said Synovus’s proposal has no call restrictions or prepayment penalties, allowing the city to pay the debt off early if impact fee collections increase.

Ingram and the mayor clarified the financing plan: only fire impact fees will be used to pay this debt and no general‑fund or other taxpayer dollars will be drawn to service the bond. The council noted the financing structure includes an interest‑only period (the first three years) to allow impact fees to accumulate before principal payments begin.

A council member moved to approve the resolution and intergovernmental contract; the motion passed with all members voting in favor on the record. Staff said they will proceed to finalize documents and bring the contract forward for execution with the Canton Building Authority.