Ponca City Aquatic and Family Center — YMCA
South-West View of the Ponca City Aquatic and
Family Center — YMCA
SITE PLAN |
MAIN LEVEL |
UPPER LEVEL
P.C.,
YMCA Financing Approved
By BEVERLY BRYANT
News Staff Writer
The Ponca City Utility Authority trustees and city commissioners
approved a second financing arrangement for the Ponca City Aquatic
and Family Center — YMCA during a special meeting on Thursday.
The new arrangement is a sales tax revenue note with Bank of America
for $18 million at 4.22 percent interest for approximately 12 years,
Bond Counsel Allan Brooks told the city commissioners, who also act
as the PCUA trustees.
In December 2007, PCUA and the Board of Commissioners approved a
funding deal for $10 million for the recreation center. However,
additional funding was needed after bids for the project came in far
above estimates.
Citizens approved an extension of the sales tax to increase funding
for the project.
The sales tax revenues are pledged to pay for the money which is
being borrowed to build the facility.
This new deal will pay off the first $10 million issue from Bank of
America and will provide additional construction funds which will be
covered by the extended sales tax, Brooks said.
Brooks said several options were considered for financing the money
for the project,
taking into account recent changes in the economy and the debt
market.
The bond counsel said Ponca City was credit approved last Friday for
the new financing and the transaction could close on Wednesday.
The transaction was first approved by the Ponca City Utility
Authority trustees, then the Ponca City Board of Commissioners. The
Board of Commissioners is the beneficiary for the PCUA and also had
to approve the debt.
The resolution also waived competitive bidding and authorizes the
sales tax agreement in which the city uses funds from the sales tax
to repay the obligation.
Both the trustees and commissioners approved the resolution
unanimously.
Construction Continues - STEVE GRIFFITH,
right, operates a remote-controlled earth packer this
morning as site construction continues on the Ponca City
Aquatic and Family Center — YMCA located at the
southwest corner of Grand Ave. and Waverly Street.
Perched in an excavator, fellow Sober Brothers employee
Chris Littrell looks on. Locally owned, Sober Brothers
is a major subcontractor on the nearly $25 million
project which is overseen by manager-at-risk Lambert
Construction of Stillwater. (News Photo by Rolf
Clements) |
Box Building -
SOBER BROTHERS employees Daniel “Bear” Lunn,
Jason Johnson, Dustin Hollingsworth and Donovan Scott
build one of four catch basins to handle stormwater
runoff for the 46-acre site of the Ponca City Aquatic
and Family Center —YMCA. The Ponca City contractor won
the contract to build the underground utilities,
including fresh water, stormwater and sanitary systems.
The local construction company has been working on site
since March 19 with 15 employees and a fleet of heavy
construction equipment. |
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