Normal approves $10M bond issuance

Posted on February 15, 2016

By Adam Studzinski

NORMAL – The Normal Town Council on Monday approved the issuance of $10 million in bonds for a number of projects in the town.

The town plans to put $2.8 million toward the One Uptown Circle Phase II development. City Manager Mark Peterson explained that project involves a five-story residential building adjacent to the new Hyatt hotel in Uptown. The project will also involve some office and retail space.

“When the council committed to that full development now, gosh, five or six years ago, they committed to a certain amount of financial assistance between the two (the town and developer),” said Peterson. “So we committed $5.1 million to the hotel project and there’s $2.8 million leftover for Phase II.”

Normal is also planning to commit $4 million to the new fire department headquarters on Main Street.

The town is hoping to secure an interest rate on the bonds of less than 3 percent.

“We would love that,” said Peterson. “Right now, I think the bond market is about as good as it’s ever been. Good, meaning interest rates are low for borrows.”

Peterson believed the town’s good credit rating should help in obtaining a lower interest rate.

Adam Studzinski can be reached at [email protected].

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