By BRAD KELLAR
The Greenville City Council is expected to issue bonds early next year, to pay for the construction of a new YMCA/event center project.
The Council intends Tuesday to approve a resolution, allowing the City of Greenville to pay for some of the work which may be needed prior to the issuance of the bonds, which would then be paid back once the bonds are sold.
The Council’s vote on a “reimbursement resolution” is scheduled as part of Tuesday’s regular session agenda, which begins at 6 p.m. in the Municipal Building, 2821 Washington Street. A work session is also scheduled for 5 p.m. Tuesday.
In May, voters in Greenville approved the issuance of $15 million in general obligation bonds to pay for the construction of a YMCA/event center.
The facility will be owned by the City of Greenville and leased to and operated by the YMCA or other public or private entity as a commercial activity community events/recreation center. The facility would be located in the Greenville SportsPark on Monty Stratton Parkway. Organizers of the project said they have received commitments from several entities toward the cost of the facility which could reduce the potential tax burden.
In a memo to the Council, Finance Director Cliff Copeland said the bonds for the project will be issued during the upcoming fiscal year.
“It is reasonable to expect that the City may incur costs related to this project prior to the issuance of these Obligations and that the City will need to be reimbursed for these costs,” Copeland said, adding the maximum amount for which the city is expected to be reimbursed comes to $2.5 million.