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Council approves $6 million Port Authority bond authority for St. Joseph’s hospital site redevelopment
Summary
Ordinance 26-11 authorizing the Port Authority to issue up to $6,000,000 in bonds to help redevelop part of the St. Joseph’s hospital site was adopted unanimously; city officials described the public investment as catalytic for downtown redevelopment.
The council adopted Ordinance 26-11 to grant the Port Authority authority to issue and sell bonds in the principal amount of $6,000,000 to help fund redevelopment of part of the St. Joseph’s hospital site.
During the brief presentation the chair noted the $6 million in public investment is intended to leverage multiple times that amount in private redevelopment value for a key downtown site. The ordinance authorizes the Port Authority to secure the bonds with a pledge of the city’s full faith and credit and to use proceeds to pay costs associated with the redevelopment.
There was no substantive debate; the council approved the ordinance by unanimous roll call (7–0). The council thanked the Port Authority for its leadership and partnership on the project.
Next steps: With the ordinance adopted, the Port Authority may proceed with issuance under the terms authorized; details about project design and private investment commitments will be addressed by the Port Authority and developers.
