Title
Consideration and action on a proposal by the Mayor and Interim City Manager on a financial package for funding the CBD Redevelopment Restoration project
Body
SUMMARY:
Mayor J. H. Graham and Interim City Manager Jack Miller will present a proposal for financing an amount not to exceed $4,000,000 on the downtown improvement project. The Tennessee Municipal Bond Fund provides variable rates for a maximum of 25 years. It is currently at 1.05%.
Rural Development provides fixed rates at a current interest rate of 3.5% for a maximum of 38 years.
BUDGET ACCOUNT:
Recommended Action
NECESSARY COUNCIL ACTION: