Schools
Linn-Mar Sells $10M in Sales Tax Revenue Bonds for New Aquatic Center
The Linn-Mar School District has issued a $10 million sales tax revenue bond for the construction of an aquatic center.
The voted to sell $10 million in sales tax revenue bonds to help build an aquatic center.
This means that the district will be borrowing money against their future sales tax revenue in order to fund a pool complex adjacent to the football stadium.
The bonds were sold to the lowest bidder during the most recent Linn-Mar Board of Education meeting to Northland Securities, a brokerage firm in Minneapolis.
Find out what's happening in Marionfor free with the latest updates from Patch.
They’re buying it for a total of $9.88 million and will charge the district over of $2.7 million in interest.
However, Linn-Mar Business Administrator Dave Nicholson said the money the district receives will not be enough to cover the entire project. The difference will depend on the winning bid for the construction contract.
Find out what's happening in Marionfor free with the latest updates from Patch.
He said the remainder of that money will come from a portion of an upcoming sales tax revenue bond for an addition to Oak Ridge Middle School’s gymnasium.
The board will vote on bids for the construction of the aquatic center in September.
Nicholson estimates construction will begin in early October.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.