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Council adopts revenue-bond resolution to support Grafton Blue Line Club project
Summary
The council adopted Resolution No. 1812 to authorize revenue bonds under the Municipal Industrial Development Act for the Grafton Blue Line Club Inc. project; the city attorney said the club will make bond payments and the city will not be financially liable, with the city holding title until bonds are repaid.
The Grafton City Council on July 14 adopted Resolution No. 1812 authorizing revenue bonds under the Municipal Industrial Development Act to support development of a project by Grafton Blue Line Club Inc.
City Attorney Rob Fleming explained that the Blue Line Club will serve as the developer and make the annual bond payments; the City will bond the project to obtain lower interest rates and will not be on the financial hook. Fleming said the building will be owned by the City until the bond is paid off. The council voted unanimously to adopt the resolution, and a public hearing on the project will be scheduled for the end of August.
Council members expressed no recorded opposition during the vote. The resolution implementation steps will include scheduling the public hearing and finalizing bond documents and lease terms between the city and the developer before construction or occupancy proceeds.
