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Corona advances plans for $155 million bond to finance downtown revitalization
Summary
City staff updated a $237 million downtown funding plan and recommended issuing about $155 million in bonds — including $125 million for downtown projects — to pay for Sixth Street, mall acquisitions and a parking structure; council was told bond authorization would be sought in September 2026.
City officials on April 23 presented an expanded financing plan for a long-running downtown revitalization program and signaled intent to bring a bond measure to the council for approval in September 2026.
Staff told the council the package of streetscapes, property acquisitions and facility renovations now totals roughly $237 million. Kim Sitten, the city’s senior financial adviser, said those projects are being offset by $82 million in grants, Measure X dollars, sales of surplus property and county funding for storm-drain work; the gap to fill is now estimated at about $155 million.
Why it matters: the bond would underwrite the city’s multi‑phase Sixth Street transformation and related investments intended to connect the North and South malls, add streetscape and storm-drain improvements, and support new mixed-use development intended to attract restaurants and retail. Sitten said the bond would include the downtown package previously discussed with council — about $125 million — plus a $10 million city share toward a medical‑center parking structure and funds for hub renovations.
The plan has changed since the original presentation last year mainly because Riverside County Flood Control awarded funds for storm-drain work and the city refined scopes and acquisition plans, Sitten said. She added that issuing bonds at the proposed scale would use less than 10% of the city’s legal borrowing capacity and that staff have scheduled a formal action for September 2026, when council would consider an issuance if it chooses.
Council reaction: members asked about debt-service impacts and timing; staff said estimated first‑year debt service for the $155 million scenario would be about $4 million, rising to roughly $7 million in future years depending on structure and interest rates. Finance staff also said they are monitoring municipal market conditions and will return with binding numbers and recommended debt structure before any sale.
What’s next: staff will continue project design, refine bond sizing with the city’s financial advisers, and return for council approval of any bond issuance. If council authorizes the sale, the city expects to include debt service in the FY2028 budget cycle.
