TIRZ #1 board raises downtown-project participation to $4.387 million, $1.687 million as a loan to the LGC
The TIRZ #1 board, which had approved about $2.7 million for streetscape work around the convention hotel, parking structure and multipurpose event venue, voted to increase its participation to $4.387 million. The added $1.687 million took the form of a loan to the LGC; the board agreed to fund the retail portion of the parking garage and part of the streetscape and amended the project and financing plan.[1][2]
On January 14, 2016 the TIRZ #1 board voted to increase its participation in the downtown projects from $2.7 million to $4.387 million; the $1.687 million increase was a loan to the LGC, while the original $2.7 million stayed a grant. The board also agreed to fund the retail portion of the parking garage and part of the streetscape and amended the project and financing plan.[1][2]
Prior commitment
$2,700,000
New commitment
$4,387,000
Loan to lgc
$1,687,000
✓ Verified
Assistant City Manager Laura Storrs: In September 2020 the City's assistant city manager told the LGC board that the TIRZ #1 note to the LGC carried 3.745% interest (the 10-year Treasury yield at funding plus 2%) and the City's note to the LGC carried 4.21%, set the same way.[3][4]