Council members approved the Unity Park budget and sale of hospitality tax bonds for the 60-acre project on Greenville’s West Side. The bond transaction must be closed by April 16 to capitalize on extraordinarily good interest rates twenty-year fixed at 1.71 percent. The bonds have no pre-payment penalty, allowing the City a measure of flexibility to terminate the project if conditions require such an action.
City Council recognizes that one of the reasons Greenville qualifies for excellent bond rates is the outstanding performance of our hospitality industry and the thousands of dedicated workers that support this industry. While initial mobilization and undergrounding work continues on site, the City Council will evaluate costs and pricing before moving into the next phase of construction.
The appropriations ordinance adopted March 23 was amended to require City Council approval of the guaranteed maximum price contract for the construction of Unity Park. The practical effect of this action is that the City will not incur additional contractual obligations for the Unity Park project beyond those previously approved without additional City Council approval.