MUNSTER | Financial matters on Monday occupied the Munster Town Council and the Munster Redevelopment Commission.
The Town Council awarded a $1.97 million Park District bond issue for 2013 to Fifth Third Securities Inc., the bidder with the lowest net interest cost to the town. That net interest rate is 1.631 percent, and the total interest cost is $72,578.
Closing on the park bond sale is slated for Dec. 18 at Munster Town Hall.
Of the $1.97 million in the bond issue, $1 million will be used for continued improvements to Community Park. About $550,000 is earmarked to acquire real estate on Manor Avenue to make way for a park. The town expects to spend $100,000 on its pool and park furnishings. Additional park improvements throughout Munster will require $300,000, and the cost of issuing the bonds is $20,000.
The Redevelopment Commission, which consists of council members, also authorized the use of $410,000 left over from a 2007 economic development bond issue to pre-pay part of the principal and interest for a 2013 economic development bond issue. There is still more than $116,000 left in the 2007 bond account that can be used for other projects, Assistant Town Manager Clay Johnson said.
The 2007 bonds were issued to purchase the Munster Business Complex just north of the railroad tracks on Calumet Avenue, Johnson said. The property is part of the planned underpass/overpass project at Calumet Avenue and 45th Street.
The 2013 economic development bonds, which total $5 million, are being issued to help finance Centennial Village, a proposed large-scale retail and residential lifestyle center that is one element in the underpass/overpass grade separation.