Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Urban Renewal topic
No spam. Unsubscribe anytime.
Council repurposes remaining urban renewal bond proceeds for aquatic center planning
Summary
The council approved repurposing less than $1.4 million in remaining proceeds from the General Obligation Urban Renewal Bond Series 2019b—originally for airport improvements—to support aquatic center planning and design while maintaining tax-exempt status by keeping funds within the Collins Road urban renewal area.
Marion’s City Council voted Nov. 20 to repurpose the remaining proceeds from the General Obligation Urban Renewal Bond Series 2019b for aquatic center planning and design. Finance Director Leanne told the council the series had less than $1.4 million in remaining proceeds; because the bond was issued within the Collins Road urban renewal area, the reallocated project must be an exempt project in that same area to preserve the state tax exemption for bondholders.
Leanne said the funds will be used for planning and design related to the aquatic center and clarified these are not additional expenditures for the project but the repurposing of existing bond proceeds. The council opened a public hearing, received no public comments, and approved resolution 32645 to enter into the loan agreement and repurpose the proceeds.
Next steps include completing the loan agreement documents and continuing design and planning tasks in accordance with the urban renewal area restrictions.
