During Tuesday’s regular city council meeting, council members voted 6 to 2 to approve three bond ordinances, which officials say result in a savings of nearly $58 million, as well as allow the City to begin moving forward on public safety, streets, community health, and quality of life projects.
“Today’s action by the City Council to approve the City’s bond ordinances provides ongoing support for the City’s priorities and direction to focus on public safety, community health and streets,” said Chief Financial Officer Robert Cortinas.
“The City’s proactive financial management and use of best practices in the last six years has positioned the City an opportunity to save our community millions of dollars during a pandemic and illustrates the municipality’s commitment to the vision of becoming a financially sound organization that is focused on our community’s priorities.”
Via a news release, city officials say that by “taking advantage of extremely low-interest rates, the Council approved the issuance of $141 million of bonds that will allow the City to begin and complete previously voter- and Council-approved projects, while also delivering a savings of $30 million.”
Additionally officials say the City will be able to refinance old debt that will save $12.9 million, including $6.9 million savings on the ballpark debt.
The issuance will also grant $15.1 million in savings for the 2012 Streets Capital Improvement Program which will be completed on time and under budget. The Council action will have no impact on the City’s tax rate. The projects include:
- $103.1 million for Public Safety, Traffic Safety, Streets and Community Health projects to include:
o Eastside Regional Command Center (voter approved)
o Fire Station 36 (voter approved)
o Arterial Lighting (Council approved)
o Reconstruction of remaining 2012 Streets CIP projects (Council approved)
- $10.6 million local match brings in $42 million in federal investment for roadways:
o Sean Haggerty Extension
o Central Business District Phase IV (CBD IV)
- $20 million for Children’s Museum (contractual obligation)
o Public-Private Partnership that allows the City to save 2/3 of the museum’s operating costs
- $5 million for Eastside Sports Complex
- $2.6 million for repairs for the Leo Cancellare Pool