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Finance committee recommends debt financing for $10.8M Sandusky recreation center
Summary
The Sandusky Finance Committee recommended that the City Commission authorize financing for a $10.8 million recreation center; staff said a $9 million bond issue would be covered by a $700,000 annual commitment from a Cedar Point partnership if interest stays below 4.5%.
The Sandusky Finance Committee on Dec. 5 recommended that the City Commission authorize debt financing for a new recreation center after staff said bids were received and a contract was awarded.
Michelle, a city finance presenter, told the committee the winning construction bid was awarded to Janata and Herner and that the total project cost is $10,800,000. Staff said the city plans to finance $9,000,000 of that amount and use existing cash…
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