Tuesday’s bond was for just over $800,000. The city was approved to issue $3.75 million worth in bonds. That has been broken up into three parts: general obligation, a police station project and the purchase of an old shop building.
“With the sales tax revenue bond, we're also paying for growth capacity in that building,” said Farmington City Manager Max Forbush.
The police station project had 60 percent of it paid through general obligation bonds. With the bond approved this past Tuesday, the city will finish paying for the project, along with incurred impact fees.
Farmington’s first approved bond, for $1.25 million, was authorized as a general obligation bond about two years ago. It was the first amount authorized to be used from the original $3.75 million bond.
The remaining funds from the original bond will be used to buy back the city’s old shop, which was sold to the Utah Department of Transportation. Farmington City has a new shop next to the old one, but will be using the old one partly for storage and partly to lease out.
“With CenterCal going in there, we wanted to control the use of that building and what goes in there,” said Forbush.
Farmington’s last project is the building of a new city hall, which comes from funds the city has been saving. The city hall will be part of a triangle in the center of the city with the hall, the pool and the Farmington Community Arts center.