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Council hears options to fund Gracie Lane obligation; staff recommends short-term tax note
Summary
Staff and the city's financial adviser outlined options to satisfy a Gracie Lane development obligation, recommending a two-year tax note and a competitive open-market sale; council members asked about interest costs versus using cash and staff will return with bids on May 6.
Staff introduced Item 5b as a follow-up to a development agreement approved in January 2025 concerning upgrades related to the Gracie Lane project and said the city has several options to fulfill the obligation, including paying cash or issuing a tax note. Staff said they were not recommending paying cash and proposed a short-term…
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