Bond will be awarded to the most favorable proposal
Closing on or before 3/8/23
This is a revenue bond, NOT an ad valorem tax bond
Projects to be Funded
Kyoto Gardens Bridge Widening- $8 Million
Improvements would include (westbound) a 5-foot sidewalk, 4-foot bike lane, one right turn lane, one through lane and two dedicated left turn lanes and (eastbound) two through/receiving lanes to accommodate two southbound left turn from Military Trail, 1 4-foot bike lane and one 8-foot sidewalk
Oaks Park Pickleball Courts- $1 Million
Improvements would include public play courts, a restroom and parking at Oaks Park
Burns Road Community Center Renovation- $10 Million
Renovation of the circa 1983 community center to meet growing demand for childcare, STEM, Art and Senior programs
Total construction cost is estimated at $30 Million with current available funding identified at $20 Million
Bond funding would make up the projected shortfall
Miscellaneous Transportation Improvements with the Transit Oriented Development District- $1 Million
Frequently Asked Questions
Will this bond raise resident taxes?
No. This bond will be repaid using expected annual cash flow of $1.46 Million from payments redirected from retiring bonds, Recreation impact fees and anticipated revenue generated from the expanded facilities
What is the term of the loan?
The loan term is 20 years and would begin October 2023
What is the bond interest rate?
The city would have a fixed interest rate of 3.74% with no prepayment penalty if decided to refinance after 9.6 years
What is the annual loan payment?
The annual payment is $1,466,951
Process
This item will be presented to City Council for approval at the March 2, 2023 meeting. To view the meeting agenda with backup documentation, visit this link.