Christiansburg City Council Debt Measure OK for Park Project | Government and politics
Barber said he expects at least some of the park’s amenities to open over the next year.
After years of deliberation, city council officially moved the project forward about a year ago when it approved a deal with Faulconer Construction Company.
In addition to debt, other avenues of financing for the project are grants, grants and reserve funds.
The development has so far been covered by contingency funds, Christiansburg officials said last week.
The city’s chief financial officer, Valerie Tweedie, told council members last week that they would run out of reserve funds by the end of the month.
“So it’s time to get into debt,” she said. âIt is time to move forward with the debt, to continue building the park and to meet our contractual obligations with Faulconer Construction. “
One particular aspect of the debt that Tweedie highlighted was the interest rate, which she described as being favorable to the city. She said she was not anticipating far lower rates than those proposed for the park project.
âIt’s almost like getting it for nothing,â Barber said of the rate.
Council members and city staff discussed other financial details of the project last week, including the expected annual costs of the park.