The City of Allen has finalized the financing for several big-ticket projects approved by voters in May.
The $93 million bond program will fund a library expansion, new fire station, new recreation center, police firearms training facility, new parks, street improvements and more over the next seven years.
Allen is using reserve funds to kick-start $2.3 million in projects, including a library parking expansion, Central Fire Station improvements and arterial roadways. The City will replenish its reserve once bonds are issued, effectively paying itself back. This process allows the City to launch projects earlier, without accruing additional interest.
Another $7.1 million in bond funds will be issued in 2017. This funding will cover the cost of a firearms training center, along with multiple streets and drainage projects.
Through the refunding process, the City of Allen and the Allen Community Development Corporation were able to generate savings of approximately $6.9 million.