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County says interim financing RFP issued for smaller amount than earlier discussed
Summary
County Administrator Rollins told the board an RFP for interim financing related to the YMCA project was issued for $3 million or $5 million rather than the $10 million previously discussed; responses are due June 18 and any financing requires subsequent board approval.
County Administrator Rollins read minutes from an April 23 work session and told the board that, while earlier discussions referenced $10,000,000 for interim financing to kick-start YMCA planning, the actual RFP was issued for a smaller amount. "It was issued for a lesser amount, and the lesser amount was either $3,000,000 or $5,000,000," Rollins said, and noted that responses to the RFP are due June 18.
Rollins said the reduced request was intended to fund initial planning and site work for phase one and to allow additional time for the master development plan to clarify total project costs. He emphasized that any borrowing will require board approval after RFP responses and advice from financial advisers and bond counsel.
The discrepancy between the earlier-discussed $10,000,000 and the RFP amount was raised in the meeting; Rollins said the lower RFP aligns with a phased financing strategy presented by Davenport and Company and is meant to limit upfront borrowing to the work required for the first phase.
