News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
The Crossville City Council could take the next step on the proposed recreation center at next week’s meeting.
Tuesday night, council discussed obtaining the $38.4 million bond. Financial Advisor Larry Kidwell said the next step is for the city council to approve a package of documents from the city’s Sports Authority for the issuance of a bond. Kidwell said after adoption the documents would be submitted to a rating agency.
“We are hoping to submit to the rating agencies a package along with a preliminary official statement of the bonds in draft format,” Kidwell said. “We expect it will take three weeks for the rating agency to go through their process.”
Kidwell said the city would need to advertise a special called meeting for the Sports Authority seven days before the meeting date to adopt the approved documents for the bond. Kidwell said that if documents are adopted next week the city could break ground as soon as October.
“If we follow this submission that we are discussing next week,” Kidwell said. “We would expect to tie it all together from submission to writing agency to the closing of the bonds would be a six-week period.”
Crossville Mayor RJ Crawford said the bond would only cost the city $1.1 million a year. Crawford said the city will pay for the bond using sales taxes.
“Thanks to Buccee’s we have increased our sales tax close to $4 million on top of what we have been doing every year,” Crawford said.
Crawford said the property tax would not increase. Crawford said he owns multiple properties within the city and that he would not want to “shoot himself in the foot” with a property tax increase.
The document package would include a lease and operational agreement with the YMCA.
