Board approves bond resolution to finance downtown parking garage, PBC to contribute funds
January 14, 2026 | Lancaster County, Nebraska
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Lancaster County commissioners voted Jan. 13 to approve a resolution authorizing revenue bonds and related adjustments to master site leases to finance construction of a new parking garage north of the county building.
Karen Peterson, director of facilities and property, said the resolution would allow issuance of revenue bonds to build the parking structure and to consolidate master lease agreements. Consultants from Piper Sandler and Gilmore Bell were present to answer questions.
A Piper Sandler representative clarified financing expectations: "Our current expectation is that we'll be issuing approximately $17,000,000 or just under $17,000,000 to fund the project, which will contribute just over $18,000,000 to the cost of construction," and added the Public Building Commission would contribute approximately $1,500,000 to reduce the bond size. The transcript also cited a prior PBC resolution that listed a $19.2 million "not to exceed" principal amount.
Commissioners asked whether property taxes would rise as a result of the bond. A consultant explained several prior PBC bond issues had rolled off and the PBC levy for bond repayment is currently lower than in earlier financings; the timing of payoffs and the structure of the levy mean the new financing is expected to keep debt payments near existing levels. Commissioners discussed the tradeoffs of bonding versus waiting to accumulate cash, noting construction cost inflation as a factor.
After discussion the board approved the resolution by roll call. The resolution ties to the Public Building Commission's schedule and is subject to final sale terms and the PBC's formal actions.
Karen Peterson, director of facilities and property, said the resolution would allow issuance of revenue bonds to build the parking structure and to consolidate master lease agreements. Consultants from Piper Sandler and Gilmore Bell were present to answer questions.
A Piper Sandler representative clarified financing expectations: "Our current expectation is that we'll be issuing approximately $17,000,000 or just under $17,000,000 to fund the project, which will contribute just over $18,000,000 to the cost of construction," and added the Public Building Commission would contribute approximately $1,500,000 to reduce the bond size. The transcript also cited a prior PBC resolution that listed a $19.2 million "not to exceed" principal amount.
Commissioners asked whether property taxes would rise as a result of the bond. A consultant explained several prior PBC bond issues had rolled off and the PBC levy for bond repayment is currently lower than in earlier financings; the timing of payoffs and the structure of the levy mean the new financing is expected to keep debt payments near existing levels. Commissioners discussed the tradeoffs of bonding versus waiting to accumulate cash, noting construction cost inflation as a factor.
After discussion the board approved the resolution by roll call. The resolution ties to the Public Building Commission's schedule and is subject to final sale terms and the PBC's formal actions.
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