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Utica council hears Plant Moran financing options and authorizes purchase agreement for packing‑plant site
Summary
A Plant Moran assessment estimated a new municipal complex could cost $14–$22 million; council discussed revenue options and authorized a purchase agreement with a developer for the 22‑acre packing‑plant site pending due diligence.
A financial assessment presented to the Utica City Council on April 14 estimated a new municipal complex could cost about $14 million to $22 million depending on scope and land costs, and outlined several options to generate the annual debt service needed to pay for it.
Brian Kamler of Plant Moran told council the city has ample debt capacity on paper — a $35 million limit with current use near 3.7% — but that paying for construction would require choices about new revenue or reallocation of existing funds. "You have plenty of capacity to borrow," Kamler said, but added municipal bond debt service for a 25‑year loan at current rates…
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