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Council holds preliminary public hearing on bonds for police training and street facility; staff gives cost estimates
Summary
At a preliminary determination hearing, town officials said the land for a police training facility and street department has been acquired and estimated full build-out costs between $33.1M and $39.3M while bonds issued by the proposed building corporation would not exceed $19M and carry a maximum 20-year term.
The council opened the first preliminary determination hearing regarding a proposed lease/financing structure to fund construction of police training and street maintenance facilities. Deb Cook said the petition relates to financing for the police and street facilities and that information (tax impact, financial details) was available in the back of the room and in packet materials.
A member of the public, David Wyatt, asked whether the $19,000,000 maximum principal amount is the expected amount or just the cap; Mr. Paps replied the town has already purchased land and gave an estimate for full build-out between $33,100,000 and $39,300,000 based on current layouts. Bond counsel Adam Stierwald clarified this meeting is the first preliminary determination public hearing and that a second hearing will occur at the next meeting before lease adoption.
The council voted to approve the preliminary resolution accepting petitions and providing preliminary approval of the form of the lease; staff noted that the town intends to phase construction as funding allows and that more detailed financing and project phasing will return for further council action.
