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Corridor Plaza bonds on council agenda tonight

City to borrow about $6 million

The Fort Dodge City Council is expected to borrow about $6 million to support the development of Corridor Plaza when it meets tonight.

That money will be borrowed in the form of a bond issue. But unlike many other city bond issues, this one will be paid off only with property tax revenue generated at Corridor Plaza. The rest of the city’s property owners will not be taxed to retire the debt.

The City Council will meet at 6 p.m. today in the Municipal Building, 819 First Ave. S.

During that meeting, the council will consider approving the general obligation urban renewal bonds.

The bond issue will include:

• $2,650,000 to support construction of the sports pavilion.

• $2 million to create an outdoor plaza.

• $1,150,000 to pay for infrastructure within Corridor Plaza.

Also, the council will consider a measure that would enable it to use tax increment financing to pay off the bond debt.

Additionally, the council will consider the second reading of updated mechanical, electrical and plumbing codes.

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