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Clear Lake council to consider awarding debt for hotel, property acquisitions

CLEAR LAKE — Clear Lake’s City Council tonight will consider approving the award of general obligation debt for the Marriott Hotel project in Courtway Park and two future property acquisitions, as well as refinancing bonds issued seven years ago as part of the McKesson development project.

Clear Lake Bank & Trust submitted the least costly borrowing proposal for the $1.2 million hotel and conference center project at 0.55%, while MBT Bank submitted the low proposal for the $600,000 general obligation corporate purpose bond to be used for land acquisition to develop a park and facilitate a future expansion of the library at 0.42%.

The council back at their December 21st meeting approved a resolution to also consider refinancing the McKesson economic development bonds issued in 2014. When issued, the city reserved the right to prepay the outstanding balance on or after June 2019. The city proposed to enter into an agreement not to exceed $715,000, with the estimated savings available to the city after consideration of issuance costs being about $19,100.

The Clear Lake City Council meets tonight at 6 o’clock at City Hall.

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