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Council hears presentations on streetcar and garage financing; project debt remains under prior authorization
Summary
Staff reported plans for additional lease-purchase bond issuances — $125 million for the streetcar and $110 million for parking garages — and said total planned debt remains under the council's previously authorized caps; no final vote on bond ordinances was recorded at this meeting.
Steve Jensen (Omaha Streetcar Authority) briefed the council on a proposed $125 million lease-purchase issuance as part of previously authorized streetcar financing. Jensen said total approvals including this issuance would remain well below the council's earlier $440 million authorization and reported project expenditures to date near $1.215 billion.
On parking, Steve Curtis (City Finance) outlined a proposed $110 million lease-purchase to fund Crossroads and Mutual Tower garages ($76 million and $34 million respectively), saying the parking and mobility fund is designed to repay the debt through garage fees without taxing property owners. A representative for the redeveloper emphasized that the ordinance carries out previously approved redevelopment and CMAR agreements.
Council recorded public hearings and took no separate final financing votes during the open session; staff said documents and financial reports have been circulated for council review.
