File #: 13-0233    Version: 1 Name: Downtown project financing
Type: Resolution Status: Other Business
File created: 7/22/2013 In control: Call for Special Meeting
On agenda: 7/25/2013 Final action: 7/25/2013
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
Sponsors: J.H. Graham III
Attachments: 1. Crossville $4,000,000 Financing Proposal (7-10-13), 2. Financing Options Spreadsheet
Related files: 14-0119, 13-0276, 13-0275
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: