The Flowery Branch City Council Thursday night voted in favor of issuing $25 million in revenue bonds to help pay for major improvements to the city's water reclamation facility.
The Series 2024 revenue bonds will run through the Gainesville and Hall County Development Authority, allowing for the issuing of the bonds, according to county documents. The council previously assigned a Construction Manager At-Risk, whose job in part is to relay project budgetary information to the council.
Recent projections have come back showing an estimated cost of $45 million for the new facility, according to CMAR Trey Monroe. The previous low bid for the project was $52 million, which is what prompted the city to begin the process anew.
Flowery Branch has already secured a loan with the Georgia Environmental Finance Authority for approximately $23.3 million. Funding for the additional $20-$25 million had to be secured before the project could proceed.
"After much review, staff has determined that issuing revenue bonds for the other $25,000,000 is in the city’s best interest," the city staff report reads.
http://accesswdun.com/article/2024/4/1238370/flowery-branch-to-issue-25m-in-revenue-bonds-for-water-reclamation-facility