Marble Falls EDC pursues $8 million in sales tax revenue bonds for projects
The Marble Falls Economic Development Corp. is pursuing an $8 million bond sale to help cover costs associated with projects such as improvements to the old powerhouse building on Lake Marble Falls. Staff photo
The Marble Falls Economic Development Corp. board approved a plan to finance $8 million in sales tax revenue bonds during a special meeting Aug. 4. Funds will help cover costs for planned EDC projects across the city.
“We’re looking at about $8 million of projects that would be supported by sales tax,” said Mark McLiney, senior managing director of SAMCO Capital Markets, the company assisting with the sales. “In order to do that, we need to put together an offering document, get bond ratings and everything in place. (The timeline) has us pricing the bonds at a meeting Oct. 19 and money in the bank the next month, early or mid-November.”
The City Council must approve bond sale results before they are finalized. McLiney anticipates a 3 percent interest rate for the taxable sales tax revenue bonds.
Projects that could be funded through the bond sale include:
- elements of Phase 1B of the city’s Park Development Plan, which include construction and improvements to the old powerhouse building by Lake Marble Falls;
- elements of Phase 1C of the Park Development Plan, including a pedestrian bridge and pavilion parking in Lakeside Park;
- downtown parking along Avenue H
- an extension of West Innovation Loop
- and lighting improvements along the U.S. 281 bridge
The EDC is funded by a half-cent sales tax collected from Marble Falls businesses. Revenue for 2021 should sit at about $3.5 million, EDC Executive Director Christian Fletcher explained during the meeting. He added that a $4 million bond from a 2014 sale will be paid off within the next six years.