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Council approves lease financing to fund police training and street facilities
Summary
After a public hearing, the Brownsburg Town Council approved Resolution 20-26-18 to permit lease financing through the Brownsburg Building Corporation for police training/storage and street department facilities; bond pricing and a rental schedule will be set after market pricing.
The Town of Brownsburg on July 9 approved Resolution 20-26-18 to allow execution of a lease and related financing with the Brownsburg Building Corporation to fund new police training and storage facilities and improvements for the street department.
Town Manager Miss Cook described the plan as a financing structure “in the public interest of the citizens of the town” and said the lease form presented at the meeting gives the council authority to cooperate with the building corporation and proceed with marketing bonds. Council members asked why the lease’s rental schedule was blank; Mr. Kraft explained the schedule will be attached as an addendum after the bonds are priced and the bids on the bonds come back.
During the advertised public hearing resident David Wyant asked how the bond amount was tied to construction needs and whether conceptual plans or cost analyses were available in the packet. Project staff answered that design is progressing but the town is working to phase the project to fit within the bond amount and to prioritize must-have items. The project lead warned, “the bond does not meet the need of what needs to be constructed,” and said the full build-out is in the range of “30,000,000 total build out,” adding staff are identifying cuts and phases to live within the bond authorization.
After discussion the council moved and approved the resolution. Council members were told bonds will be marketed after council action and the final lease rental schedule will be attached once pricing is known. No detailed bond pricing or final rental schedule was provided at the meeting; staff committed to follow up with financing documents after pricing.
Next steps: bonds will be priced following the council’s approval, the rental schedule will be provided as an addendum to the lease, and staff indicated phased construction planning will continue.
