Commission OKs $122M in bonds, $18M water bond authorization and accepts $5M state grant

At committee meetings on June 10, Grand Rapids commissioners approved several high‑value finance actions covering capital projects and park improvements.

Bond sale: Staff presented a report of sale for $122,270,000 in Series 2025 capital improvement bonds to fund the Amway Soccer Stadium and amphitheater projects. Officials said the true interest cost was just below 4.7% with an average coupon near 5%. The bonds are secured by the hotel‑motel tax revenue per an agreement with Kent County; staff described a debt reserve funded by the county and an invoicing mechanism to ensure timely payments.

Water bonds: The fiscal committee authorized a series ordinance allowing the water department to issue up to $18,000,000 in junior‑lien revenue bonds through the State Drinking Water Revolving Fund to finance lead service line replacement and water main work on the city’s southeast side (Burton and Boston streets). The 20‑year loan is expected to carry roughly 2–2.5% interest; staff noted potential principal forgiveness of up to $4,000,000, which would reduce net borrowing.

Parks grant: The city accepted a $5,000,000 direct appropriation from the Michigan Department of Labor and Economic Opportunity for Plaza Roosevelt and Roosevelt Park. Staff said $300,000 of the award is allocated to Plaza Roosevelt (bringing that project to $2.3M) and roughly $2.5M in park capital funds will combine with state monies for Roosevelt Park work scheduled to begin in early 2026 with completion before the state agreement ends in 2027.

Commissioners emphasized that the water bonds will be serviced by water rates and do not constitute city general‑obligation debt. All items were moved, supported and carried by voice vote at committee.