The price tag,
"We got a great deal, with 3.8 percent on a taxable loan -- we got a little over 3 percent on our last tax-exempt," Bourey said. "That's a smoking deal,"
The city sold
The city's original plan had been to lease the garage from Armada Hoffler, paying
The deal included an option to buy.
"We saw an opportunity to save some money," Bourey said, with Standard and Poor's upgrade in the city's credit rating earlier this year, to AA-plus -- its second highest grade -- from AA.
And the window to do that might not be open that much longer, given the likelihood that interest rates will rise in coming months now that the Federal Reserve isn't pushing as aggressively to keep them low.
Five lenders bid for the city's business, and TownBank was the winner with a 3.8 percent, 13-year loan, with a
Also on Tuesday, the council will:
-- Consider a new sign ordinance that would bar continuously moving images on electronic signs, and limit the height of new commercial signs. Billboards displaying video are a growing safety hazard because they distract drivers, while the new height limit is intended to keep signs below the usual canopy of trees in leaf -- the city has had a chronic problem with people cutting down its trees when they block signs, Bourey said.
-- Consider appropriating another
Ress can be reached by phone at 757-247-4535.
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