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The City has received multiple requests for the costs associated with Downtown Phase II that have been paid thus far. To date, the City has spent $8,726,000 on the project which is now on hold pending Council’s discussion and decision on the scope and nature of the project going forward. Those expenditures have included items such as land acquisition, moving the salt dome and bus garage, site clean-up, and demolition of existing structures.
The discrepancy with the larger number on the State Treasurer’s site is due to the rollover of the $9,480,000 in notes, which is included in total expenses. The rollover of the note principal does not add to the cost of the project, but rather accounts for the maturity and reissuance of short-term notes.
Notes (short-term borrowings with annual maturities) are used to finance a project until it is finished and bonds (long term borrowings with 10- to 30-year maturities) can be issued. Until bonds are issued for Downtown Phase II, the notes will continue to mature annually and need to be reissued. This adds to the total expenses that needs to be recorded by the City but does not increase the cost of Downtown Phase II.