Last night the Jasper City Council conducted a second and final reading to authorize a line of credit, pending receipt of DINO tax credits for the Thyen Clark Cultural Center.
Along with it, the creation of three EDIT Revenue Funds for the project.
Following the passing of the ordinances the council conducted a public hearing, and signed through one reading procedure, the appropriations of said line of credit.
The project is estimated to cost around 2.8 million dollars. The proposed line of credit is essential for the city to move forward in the Bonds process.
Before Bonds can be sold, the city must show they have the funds on hand, which is where the line of credit comes in. The credit will not be accessed until the end of the construction, at which time the sold bonds will be used to pay off the balance.
5% up front usage will be required in order to create the credit line, which is required by state law.
In addition to the ordinances, the council approved a series of resolutions. The first was to purchase one-half of the cultural center property from the Jasper Public Library.
Next, was the approval of non-cash donations for the arts department, along with a restricted use donation from Jim and Pat Thyen for the cultural center and arts center projects.
And at the after the passage of these resolutions, Mayor Dean Vonderheide announced that the tentative groundbreaking date for the cultural center is set to take place on April 2nd, at 5:30pm.
Whereas, at the nearby river center and hotel is set to have its opening on April 19th.