The City of Butler will get more information about their upcoming bond issue during a conference call Wednesday.
The call will take place at 11 a.m. and include representatives from PNC bank, who will issue the bond, as well as elected city officials and solicitors.
The bank is expected to request that the city give some direction about initiating the bond during their meeting Thursday night. If the bond includes the cost of building a parking garage downtown, it will be for around $7 million. If it does not include a garage, the city will still need to get a bond for around $3 million to cover parking authority debt and upcoming bridge projects.
Recent reports from the City Redevelopment Authority paint a positive picture of getting a closing on the land purchase for the Centre City hotel in the next two weeks. The city does not want to build a parking garage until they are assured the hotel will be built.
The city’s bond rating expires on September 14th so they do need to take some action before that date.
Photo: Butler City Mayor Tom Donaldson
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