Council hears first reading to convert GW Parking Garage debt to general‑obligation bonds

Mary Blow told council the city needs a final financing step for the GW Parking Garage following the dissolution of the parking authority and transfer of assets to the city. The proposal would authorize up to $5 million in general obligation public improvement bonds to refinance the garage balance of about $4.5 million and change the loan from a revenue bond to a general obligation structure.

Blow said Freedom Bank remains the lender and agreed to keep the interest rate at 2.25 percent. She said the term will not be extended — roughly 10 annual payments remain — and that parking revenues will continue to be the source of payment. Councilors asked about costs for changing the name and the counsel noted routine financing costs, bond counsel and a quoted $5,000 bank fee; no material change to annual payments was anticipated. This was a first reading and will return for final action at a later meeting.