Financing 200 E. Berry Street
By: Nadia Bashir
Updated: October 6, 2009
Ft. Waynes Common Council voted to approve the citys financing of 200 E. Berry street in a 5 to 4 vote despite debate over an estimated $4 million dollars in transactional costs associated with the purchase.
City Council approved the purchase of 200 E. Berry Street by the City last August. The City has proposed to pay for the deal with a 20-year bond. The deal would also include approximately $4 million dollars in transactional costs including debt service relief, a capitalized interest fund and insurance.
The City will also receive a rebate from federal money on the purchase of 200 E. Berry Street. The City has already recieved an allocation of nine million dollars in federal Recovery Zone money, most of which will be used as a 45% rebate on the citys cost of interest in purchasing 200 E. Berry Street.
