{"id":20443,"date":"2019-12-05T11:50:54","date_gmt":"2019-12-05T18:50:54","guid":{"rendered":"https:\/\/www.skyhinews.com\/?p=61878"},"modified":"2019-12-05T11:50:54","modified_gmt":"2019-12-05T18:50:54","slug":"winter-park-approves-financing-for-public-works-facility","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/krky\/local-news\/winter-park-approves-financing-for-public-works-facility\/","title":{"rendered":"Winter Park approves financing for public works facility"},"content":{"rendered":"
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The temporary public works facility is located off US Highway 40 while the old building is demolished and replaced.<\/strong>
Courtesy Town of Winter Park<\/em><\/figcaption><\/div>\n<\/figure>\n

In anticipation of the construction of Winter Park\u2019s new public works facility, the town council approved an increase in the debt issuance the town can incur to finance the project at its regular meeting Tuesday evening.<\/p>\n

Council members unanimously approved an ordinance to finance the public works facility with a debt issuance of $11.5 million. <\/p>\n

\u201cWhen we started discussing this project with council<\/a>, we had been looking at an $11.5 million issuance all along,\u201d Town Manager Keith Reisberg said. \u201cIt was only as we started getting preliminary numbers on the project that we tried to decrease to $10 million, but with the recent increase in our site development cost, we\u2019re going back to the original $11.5 million.\u201d<\/p>\n

The ordinance also extended the site lease term and the lease purchase agreement by one year.<\/p>\n

The council initially had hoped to keep the debt issuance to $10 million to take advantage of the interest savings of a bank-qualified debt, which is a debt issuance of $10 million or less. However, Reisberg noted that the town\u2019s financial advisors feel this move won\u2019t impact the interest rate significantly.<\/p>\n

\u201cThere is a slightly higher (interest) rate, but not substantial,\u201d Reisberg said. \u201cThe town does have the ability to borrow less than the full $11.5 million if we\u2019re able to bring down the final guaranteed maximum price of the project. We\u2019re continuing to work with the contractors and design engineers to bring the site costs down.\u201d<\/p>\n

Per the approved 2020 budget<\/a>, the town expects the project to cost roughly $10.9 million.<\/p>\n

Moody\u2019s, a financial services company, will issue the financial rating for the project on Dec. 6, certificates of participation will be sold on Dec. 17 and the town expects financing to close on Dec. 30.<\/p>\n

In other business\u2026<\/p>\n