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The city's Housing & Redevelopment Authority on Thursday failed to vote on a request for funding for the new Safety Center, effectively killing the City Council's idea of using lease-revenue bonds for the project at 1601 Riverview Dr. behind Perkins Restaurant.
The council outlined its decision to seek lease-revenue financing in this letter.
The council at its June 6 meeting approved to use up to $7.28 million in lease-revenue bonds to fund a new Safety Center. The move came after 10 people spoke at the meeting against the council's plan to use Capital Improvement Plan bonds to fund the project. The move for CIP bonds could have been reversed with a petition from voters. The lease revenue bonds could not be reversed by petition.
Another option for funding would be a referendum on the November ballot, which council members were opposed to because it could increase costs by delaying the project.
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