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City staff flags $107M police headquarters borrowing and $6.1M annual debt service
Summary
City staff told the Fort Myers council the Police Headquarters project could require about $107 million in borrowing with estimated annual debt service near $6.1 million, with first payments expected around FY2026. Staff said sale of an existing property and lower bids could reduce the net borrowing need.
City staff reported that the Police Headquarters capital project carries a multi‑year financing plan that could add substantial debt service pressure to future budgets.
Director Kenny described the project and said the estimated annual debt service is "about $6,100,000 per year" on a 30-year term and that the borrowing estimate is roughly $107,000,000, though she said she was "hoping that amount will come down." She told the council the earliest fiscal-year impact is expected in FY2026 and that year one might be interest-only.
Council members asked whether proceeds from the sale of the old police property had been factored into the financing; Kenny said she had included an $8.5 million estimate for that sale in her calculations but that the appraisal and final sale amount were not yet determined. "I factored in $8,500,000 for the sale of that property," she said. Final financing terms and the ultimate effect on millage will depend on actual bids, sale proceeds and interest rates.
