New Eloy City Hall: Key question still unanswered
Up to $8 million needed, but source a baffling matter
Following the painstaking decision process to choose the architect, engineer and construction managers for the roughly $7 million to $8 million new city hall, officials now have to deal with the most the most important part of the project: how they plan on paying for the building.
In a work session Monday night, city council and members and staff listened to a presentation from representatives of the Royal Bank of Canada, who had looked through the city’s existing debt and revenues and helped them come up with several funding options.
The first option they brought up, which was none too popular with any member of the council, was using general obligation bonds levied against a secondary property tax to pay for the project.
