Government
BY CONNOR PITTMAN & CODY THORN
Grapevine issues $37M in bonds for key projects Grapevine city staff, working with financial advisors and the city’s bond counsel, sold close to $37 million in certificates of obligation to pay for three projects. The sale of the 20-year bonds worth $36.7 million, which carry a 3.75% interest rate, was approved by Grapevine City Council during a joint meeting with the planning and zoning commission June 18. Two-minute impact Of the $15 million in bonds to pay for the service center, about $10 million are secured by property taxes. When bonds are secured by property taxes, the city uses revenues from the interest and sinking component of a tax rate to pay for the debt. City officials do not expect to increase the city's interest and sinking component of the rate because of the
Colleyville residents to receive $35 gift cards this summer Colleyville council approved $35 gift cards to distribute to residents May 21, which can be used at participating restaurants or commercial stores this summer. The details Each household started getting the patri- otic-themed gift card starting on June 21, according to the city. Gift cards will be used at local businesses, and then the city will reimburse the businesses at the end of the program, according to a city news release. The city did a similar program last summer. • Gift cards are valid through Aug. 31. • More information can be found at www.colleyville.com/supportbusiness.
Bonds sold for city projects
Water and wastewater treatment plants: $20M
Municipal Service Center: $15M* Storm drainage culverts: $1.7M
$36.7M total
*$10 MILLION OF THE $15 MILLION IN BONDS FOR THE MUNICIPAL SERVICE CENTER ARE SECURED BY PROPERTY TAXES.
SOURCE: CITY OF GRAPEVINE/COMMUNITY IMPACT
sale of the bonds because other debt paid for using property taxes will no longer need to be serviced. The remainder of projects are budgeted in vari- ous city funds or paid for from insurance proceeds. “The successful sale was accomplished due to the city’s strong financial performance,” Chief Financial Officer Jeff Strawn said. Looking ahead The projects paid for by the bonds are expected to be utilized for the next several decades.
Council approves plans for municipal service center, public safety training tower
building, which is 21,000 square feet and located along Brumlow Avenue. There will be a 50-foot training tower for the Department of Public Safe- ty’s use, as well as a 17,000-square-foot building for vehicle and material storage, according to the presentation during the meeting. The site will be accessible 24/7, and large equip- ment and vehicles will be stored at the facility. In addition, there will be a fuel depot.
Southlake City Council green-lit plans to con- struct a municipal service center and public safety training tower at 1630 Brumlow Ave. What’s happening During the June 4 council meeting, a zoning change and site plan were approved that will support the city’s Public Works’ operations. The primary building will be the administrative
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