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Canton Council OKs resolution to pursue revenue bond for downtown fire station
Summary
The Canton City Council unanimously authorized staff to pursue financing for an estimated $8 million downtown fire station renovation, recommending the Canton Building Authority issue an intergovernmental revenue bond or pursue a bank placement; impact fees will be applied but the general fund could back debt if fees fall short.
The Canton City Council on Sept. 18 voted unanimously to authorize staff to pursue financing for the renovation and rehabilitation of the downtown fire station, a project city financial advisers estimate at roughly $8,000,000.
Davenport & Company financial adviser Doug Gephardt told the council the city and Cherokee County have an agreement for fire and emergency services and that the county currently holds about $2,200,000 in fire impact fees earmarked for the project. Gephardt said the remaining financing need would be met through an intergovernmental revenue bond issued by the Canton Building Authority or, alternatively, a direct bank loan. “The city is looking to finance a new fire…
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