Lancaster Council unanimously approves up to $28 million bond to finish Paris Event Center, fund park safety projects
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Summary
The Lancaster City Council and Lancaster Financing Authority unanimously adopted resolutions to issue approximately $28 million in 2026 bonds to finalize financing for the Paris Event Center, fund a 50% match for an Avenue J pocket park grant, and pay for immediate fencing at two parks, city staff said.
The Lancaster City Council and the Lancaster Financing Authority on a unanimous vote approved a 2026 bond issue to finalize financing for the Paris Event Center and to cover two immediate park fencing projects.
City staff presented the joint public hearing report, saying the total bond issue would be about $28,000,000 with a net borrowing around $25,000,000 and an expected interest cost near 4.5% (with a pricing cap of 5.5%). "There are three intended uses of the funds," George Harris, city staff, told the council, listing (1) shoring up financing for the Paris Event Center, (2) covering the city's 50% match for an Avenue J pocket park grant, and (3) installing fencing at American Heroes Park and Jane Reynolds Park for public safety.
Harris said the county of Los Angeles had pledged a $10,000,000 contribution toward the center that has not yet been delivered, creating a near‑term need for the city to advance its own financing. Financial advisor Eric Skriven and underwriter Ralph Holmes were present and available to answer market and structuring questions.
Council members debated whether to record separate motions and votes for the city and for the financing authority; the council ultimately adopted Resolution 26‑04 for the City and Resolution FA‑01‑26 for the Lancaster Financing Authority in separate actions and passed both unanimously.
The resolutions authorize the city to proceed to market with the bonds; staff said final interest rates and ultimate pricing will be determined when the bonds are sold. Harris asked the council to prioritize completing financing for the Paris Event Center before addressing the other projects while the city establishes market pricing.
The council’s action was procedural and budgetary: it authorizes sale of the debt and commits the city to the uses listed in staff’s report. Advisors remain available to provide final sale terms once the bonds are priced. The council did not adopt additional policy amendments or project‑specific construction changes during the meeting.
What comes next: staff will pursue bond pricing with underwriters and report back to the council with final terms. The Lancaster Financing Authority will complete its parallel approvals to enable the sale.