Downtown Development Corporation to Hold Public Meeting
The El Paso City Council acting in their capacity as the Downtown Development Corporation Board of Directors will hold a public meeting on Thursday, August 1, 2013 at 1:00pm in City Council Chambers. The meeting will focus on existing parameters of the sale of ballpark bonds.
City Council approved parameters on May 28, 2013 to allow City staff to sell bonds. Since then the interest rates to sell bonds have risen over 1.25%. City staff has been working with Mayor Leeser and City Manager, Joyce Wilson to sell the bonds under the approved parameters. However, due to the volatile bond interest rate market staff will need to request additional parameters to assist in selling the bonds. City staff has worked diligently to sell bonds at affordable interest rates and keep the current excellent credit bond rating.
It is important to note that any debt incurred by the ballpark may NOT be paid with property taxes. The actions taken at the meeting will not affect El Paso citizen’s property taxes.