On May 5, the Auburn city council approved the Public Safety Building project. The project will cost an estimated $30,610,000 and will replace the current public safety buildings located on the corner of North Ross Street and East Glenn Avenue.
Demolition has already begun on what was AUFD’s no. 1 station, and the entire project is expected to be complete in 2019. The new building will house he fire department, police division and public safety administration as well as new chambers for the City Council and will be 70,502 square foot.
Before the motion was approved, councilman Dick Phelan asked why the interest rates changed over time on the loans taken to fund the project.
“The bonds were sold at 5,000 a piece, and so you can a take a particular maturity within any of that segment, and so you can have varying interest rates depending on how the investors want to put together their options,” said Penny L. Smith who is Auburn City’s Finance Director.
No objections were made, and the motion was quickly passed.
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