The price tag on a new Seventh District and Juvenile Court Complex is estimated at $13.5 million. Financing for the proposed building project was discussed during the regular Carbon County Commission meeting Wednesday.
Commissioners convened as the Carbon County Building Authority to open a public hearing on the size, scope and nature of funding to be requested from the CIB for the complex, which would be located on the site of the former Seventh District Court and County Office building on Main Street and 100 East in Price.
Commissioner Jae Potter said the county is tentatively looking at a joint funding process involving the Permanent Community Impact Board and Zion’s Bank. He said, “The revenue bonds for the first 12 years would come through Zions and then the other portion of that, the other half of that would basically be a CIB loan. That would enable us to put that on a 20 to 25 year project.”
Commissioner Potter, who is a member of the Community Impact Board, said past requests in funding public buildings have been well-received by the board and, “The reason we’re splitting between the two is with mineral revenues down, we can be good stewards of the CIB funds by getting a very similar rate, if not a bit lower, on those initial bonds through Zions, and then picking up the rest of the financing through the CIB.
The interest rate on the financing is expected to be 2.5 percent from each source, and the repayment of the loan will be made by the State of Utah through a long-term lease of the building by the Utah Court System.
Construction on the new complex is expected to begin immediately following the demolition of the old courthouse building which is anticipated late this summer or early fall.
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