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State College Borough Council on Monday approved borrowing $10 million to refinance existing bond debt, construct parking facility improvements and acquire an unnamed building.
Chris Gibbons, of Concord Public Finance, said that interest rates are historically low and the borough will save on costs by combining all three into one 10-year loan. The proposal approved by council, from Riverview Bank, has a 1.59% fixed interest rate through the first seven years of debt service and a variable rate capped at 2.5% for the final three years.
The General Obligation Note will fund just over $4 million for design and construction of improvements to the borough’s parking garages and other facilities.
On Monday, the State College Borough Council approved a certificate of appropriateness as a part of its historical preservation process for 321 Fraternity Row, home of Zeta Beta Tau.Â
The certificate will allow the house owners to enclose the front patio of the property and provide handicap access via ramp.
The approved design meets the guidelines of the borough s historic preservation ordinance.Â
Additionally, the borough council approved needed funding for maintenance and repairs on local parking structures downtown, which will take place throughout 2021 and 2022.
It was also recommended that Concord Public Finance submit proposals for the $4 million borrowing needed for the project, and the refunding of $4.74 million.
On Monday, the State College Borough Council approved a certificate of appropriateness as a part of its historical preservation process for 321 Fraternity Row, home of Zeta Beta Tau.Â
The certificate will allow the house owners to enclose the front patio of the property and provide handicap access via ramp.
The approved design meets the guidelines of the borough s historic preservation ordinance.Â
Additionally, the borough council approved needed funding for maintenance and repairs on local parking structures downtown, which will take place throughout 2021 and 2022.
It was also recommended that Concord Public Finance submit proposals for the $4 million borrowing needed for the project, and the refunding of $4.74 million.
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