City Council approves $58 million debt issuance
The Murfreesboro City Council Wednesday (Feb. 13) approved a Detailed Bond Resolution and Loan Agreement with SunTrust Bank to fund $58 million in 2019 Capital Improvement Projects with a 2.84 percent interest rate over a 15-year term.
“We look forward to implementing the many infrastructure projects necessary for a growing city, especially in the area of schools and public safety,” said City Manager Craig Tindall. “In locking in the fixed rate with SunTrust, we also appreciate building a closer relationship with the regional bank.”
“We benefited from an aggressive bid issuing the debt through SunTrust,” said Budget Director Erin Tucker. “There was significant savings in the cost of fees incurred which was half as much as the cost in 2018.”
The City Council has an agreement with Cumberland Securities to serve as the City’s Financial Advisor for funding debt.
Significant 2019 CIP projects include:
- $29.1 million for the new Salem Elementary School on St. Andrews Drive and Veterans Pkwy.
- $4.299 million for the Doug Young Public Safety Training Center.
- $1.8 million for Fire Station 11 in the Blackman area and $1.2 million for Fire Station 10.
- $1 million for a new Airport Terminal and $2 million for the Airport South Apron Development for aircraft parking.
- Road construction projects include $4.45 million for Rucker Lane Reconstruction; $1.6 million for Robert Rose Drive; $2 million for Brinkley Road Reconstruction; $500,000 for Rutherford Blvd. Extension; $500,000 for Caroline Farms; $200,000 for Gateway Extension to Robert Rose.
- Historic Bottoms/Highland Avenue Redevelopment–$1 million.
- Parks & Recreation facilities include $3 million for Greenway Phase 4; $420,000 for Cannonsburgh Village; $350,000 for Jordan Farm Soccer Complex; $300,000 for Greenway North Connector; $200,000 for McKnight Park Renovations; $100,000 for Greenway Reconstruction; $80,000 for Oaklands Park.
