Sunday, December 2, 2001
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Sunday, December 2, 2001 |
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City planning $2.25 million bond program Funding for amphitheater, other downtown projects By MONROE ROARK
Fayetteville officials are making plans to arrange approximately $2.25 million in bond financing for the proposed amphitheater and other downtown improvements. A resolution on next week's City Council agenda would allow for an intergovernmental contract between the city and the Downtown Development Authority authorizing the issuance of bonds for the program. The final bond amount and interest rates should be available next Tuesday or Wednesday, City Manager Joe Morton said at the council's work session last week, and that information will be on hand in time for the council's regular Thursday meeting. The city expects to receive a very favorable bond rating, Morton added. Current estimates put the amphitheater portion of the bond total at about $1.5 million. That leaves $685,000 for the Downtown Improvement Program which includes streetscaping, parking lot improvements, the DDA Property Acquisition Fund and the Facade Grant program and $65,000 for legal and underwriting costs. The amphitheater is to be located on the south end of Fayette County High School, at the eastern entrance to the Villages multi-use development now under construction at Lafayette Avenue and Tiger Trail.
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