Financial planning is an important part of planning for capital projects for the City of Lebanon. On Thursday night, Finance Director Kat Gil gave an update on project costs on the Civic Center renovations and improvements, with some of the project costs expected to come in under budget.
In total the project costs are coming in at around $279-thousand under budget. There are some improvements they haven’t gotten cost on yet, including window replacement at the pool, and there are some skylights that will need to be replaced. During the discussion, Council mulled over some project options for which they could use the money, including adding another bathroom at the Farmers Market, and improvements at the Wallace Building and grounds. Council also heard a presentation on financing options for the Public Safety Building, which has a price tag of about $2.9-million-dollars. Gil said they would like the Council to consider a couple of financing options… She said they considered 8-year financing at first, but then considered the option of 20 years, since it’s a public safety building.
City Council will make the final decision on whether to finance the project for 8 years or 20 years.