The bonds are expected to be used for a series of projects. (WJBC file photo)
By Adam Studzinski
NORMAL – The Normal Town Council will consider on Monday approving the sale of up to $10 million in general obligation bonds.
Deputy City Manager Pamela Reece explained about $4 million will be put towards construction of the town’s new fire department headquarters on Main Street.
“The fire station will cost more than $4 million, but we incorporated some of those expenses in last year’s bond issue. So we’ve got some of it already funded,” said Reece. “So this will finish up with the cost.”
$2.8 million is being put towards Phase II of the One Uptown Circle development.
“The balance of $3.2 (million), what’s left out of the $10 million, we believe will go towards future site acquisition and site costs for the other two fire stations, Uptown 2.0 investment, and potentially some facility improvements,” Reece said.
Reece added the town hopes to lock in the bonds with an interest rate of fewer than 3 percent. The town will likely payback the bonds over a 20 to 30 year period.
Adam Studzinski can be reached at adam.studzinski@cumulus.com.
