The announcement of the bond sale was made at the regular biweekly meeting of the mayor and
"It's all different type improvements," Grim said after the meeting. "It's infrastructure projects, water and sewer upgrades in different locations."
The proceeds will also service past financial obligations.
"It refinances old debt. So while it's true this is a 20-year-old loan, we are actually financing old debt that pays off debt that would have extended for several years anyway," said Grim.
The funds will be raised through the issuance of Local Government Infrastructure Bonds through the Community Development Act.
The city plans to use
"The exciting part about the bond is there is more than
"It will be in addition to what we already have budgeted at this point for streets."
Portions of the bond sale proceeds will also be used to fund a capital reserve fund.
Grim also said the search for a developer for
The city had received two bids from interested developers during a recent solicitation for offers. However, those offers were deemed unacceptable.
"The two offers did not meet the expectations of council," Grim said. "We will continue to solicit public interest in what to do in that building as we move forward, particularly with the new economic development strategic plan. We're interested in making sure we can utilize it to the best public good possible."
Grim also commented on the ongoing litigation between the city and the
"The city will continue to work with the firefighters. We will be attending mediation as instructed to do so. We will continue to work with them to negotiate a contract."
The blue ribbon winners selected by a panel representing the Let's Beautify Cumberland! organization were announced at the meeting. The properties were selected for their high standard of appearance.
The four winners were
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