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Council briefed on proposed $23 million bond to fund streets and training facility; $18 million for training center expected to be covered by franchise fees
Summary
Financial advisors presented a preliminary financing plan for a bond issuance of about $23.04 million — $5 million for street reconstruction (10-year term) and roughly $18 million for a training facility/CIP (20-year term). Advisors described schedule, estimated interest, call provisions and next steps; council was briefed and staff will update the
City financial advisers presented a preliminary financing plan for a proposed bond issuance of approximately $23.04 million to cover two capital needs: street reconstruction and a training facility (the “first center” project).
The advisers laid out the proposed structure: roughly $5,000,000 to fund a street-reconstruction tranche with a 10-year repayment term and approximately $18,000,000 to fund the capital improvement project (training facility) with a 20-year repayment term. The advisers said current bid estimates put construction costs for the training facility at roughly $25 million, with about $8…
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