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Council reached consensus to proceed with certificates of participation financing for the Civic Campus, with capitalized interest and an estimated total cost of $130 million. Staff said the project could represent $423 million in new investment and support about 1,500 jobs when fully operational.
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The proposed financing would defer payments during the first two construction years and use interest-only payments for the following three years, with repayment expected to draw on general fund and food tax revenues. About $7 million in food tax revenue could be directed to the Civic Campus and the MERGE project beginning in 2029. The city’s third-quarter review projected a $2.1 million improvement over the 2025 budget, despite sales and use tax growth of about 1% rather than the budgeted 5%.
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