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Council approves preliminary lease-rental financing step for $50.15M police headquarters
Summary
Council approved a resolution moving forward on lease-rental financing for a new $50.15 million police headquarters, with an estimated $3.5 million in annual debt service for 20 years; the administration expects a July 14 public hearing, bond authorization July 28 and a September closing.
Noblesville — The Common Council on June 9 approved resolution RC-25-26, a procedural step authorizing lease-rental financing for the city’s planned police headquarters and advancing the project’s financing timetable.
Deputy Mayor Matt Light said the project budget remains at $50.15 million under a guaranteed maximum price agreement with the developer and construction team. He told council the lease-rental financing approach is expected to produce roughly $3.5 million in annual debt service over a 20-year period; the lease includes substitute collateral during construction to avoid capitalized interest. "Our project budget remains at $50.15 million," Light said.
Light outlined next steps: a public hearing and lease approval on July 14, a bond-authorization resolution expected July 28 and a targeted bond closing in September with construction breaking ground in October. City staff and bond counsel were present to answer questions about structure and timing.
Council moved and seconded the resolution and approved it by hand vote; administration described the financing structure and schedule for subsequent council actions.
