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Altoona approves $2.59 million urban renewal bonds to fund SW 8th Street work
Summary
The council authorized $2,590,000 in General Obligation Urban Renewal Bonds, Series 2024, accepting BNY Mellon Capital Markets’ low bid at a 3.28% true interest cost to fund SW 8th Street Phase 2, to be repaid with TIF revenue.
The Altoona City Council on Aug. 5 approved a resolution authorizing the issuance of $2,590,000 in General Obligation Urban Renewal Bonds, Series 2024, to finance improvements on SW 8th Street, Phase 2.
Finance Director Andy Lent told the council the city accepted the lowest bid from BNY Mellon Capital Markets, LLC; the true interest cost is 3.28 percent. Lent said bids were accepted July 15 and the selected bid will fund the SW 8th Street improvements and be repaid with tax-increment financing revenue.
The resolution passed on a roll call vote. Councilmembers voted unanimously to proceed with the bond sale; the minutes record a 5-0 vote.
The council did not amend the bond terms during the meeting. Lent did not present a detailed debt service schedule during the discussion; staff follow-up to provide repayment schedule details was not specified in the meeting record.
