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Commission authorizes bond structure for Acroshare Amphitheater parking project
Summary
The commission approved an agreement and bond authorization to issue bonds for the Acroshare Amphitheater parking structure, including a debt-service reserve sized at 150% of average annual debt service and an expected issuance around $24.3 million (previous notice of intent estimated $30.5 million).
The City Commission approved agreements and bond authorization related to financing the parking structure for the Acroshare Amphitheater.
Staff (speaker 7) summarized a companion agreement with the Kent County Convention Arena Authority (CAA) that mirrors previous county agreements and establishes a debt service reserve account equal to 150% of average annual debt service to mitigate city risk when issuing bonds using the city's full faith and credit. The notice of intent had indicated $30,500,000 in construction estimates; staff reported updated issuance plans of about $24.3 million, with a planned mid‑November issuance and outreach to rating agencies later in the month.
Commissioners expressed appreciation for risk mitigants and for planning to protect the general fund if revenues underperform. The commission approved the bond authorization (resolution authorizing capital improvement bonds not to exceed $30,500,000) by voice vote; Chair (speaker 5) announced the motion carried.
