Burbank OKs Bond Sale for Remodeling
The Burbank City Council voted Tuesday to issue $23.5 million in municipal bonds to remodel the city’s police and fire stations and other city-owned facilities.
City officials said the 15-year bonds will be paid off with tax revenue generated by the Golden State Redevelopment Project, which covers a 37-square-block shopping area in downtown Burbank. In turn, the public improvements paid for with the bonds must improve that project’s value, said Stephen Helvey, Burbank’s financial management director.
Tuesday’s decision reflects the new council’s intention to use redevelopment money to finance public improvements, Helvey said. He said redevelopment funds have been used in the past to stimulate private investment while city officials, in some cases, simply deferred remodeling.
The city hopes to sell the bonds, which pay interest exempt from federal taxes, in December and complete remodeling by the end of 1988, Helvey said.
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