The Greenville City Council on Monday approved the Unity Park budget and sale of hospitality tax bonds for the 60-acre project on the city’s west side.
The bond transaction must be closed by April 16 to capitalize on interest rates, 20-year fixed at 1.71%, according to Beth Brotherton, city communications director. The bonds have no pre-payment penalty, allowing the city a measure of flexibility to terminate the project if conditions require it, she said in a news release.
“City council recognizes that one of the reasons we qualify for excellent bond rates is the outstanding performance of our hospitality industry and the thousands of dedicated workers that support this industry,” she said in the release. “While initial mobilization and underground work continues on site, the City Council will evaluate costs and pricing before moving into the next phase of construction. The appropriations ordinance adopted last night (Monday) was amended to require City Council approval of the guaranteed maximum price contract for the construction of Unity Park.”
More than $6 million in private money has been raised for construction of the $41 million first phase of the park, scheduled to open in 2022.