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Council extends Viaduct Park loan term to match franchise-fee receipts
Summary
Council approved an amendment to the Viaduct Park internal loan to extend repayment from 10 to 15 years and lower the interest rate so annual debt service aligns with expected franchise-fee receipts of about $560,000.
City staff presented an amendment to the internal loan for Viaduct Park, saying the change aligns debt service with historical franchise-fee receipts. "We have a couple years of history now showing that we're historically getting about $560,000," the presenter said, and proposed extending the loan term from 10 to 15 years and reducing the interest rate (packet text presents a reduction "from 5% to 4.20.5%") so the repayment schedule fits those receipts.
Council members asked whether park assets (splash pad, building) would reasonably last 15 years and whether the lower rate was a legal minimum. Staff said major components of the $6.3 million project have long useful lives and that the rate chosen matched recent bond investments; the council approved Resolution 2026-210.
