Preparations for the construction of the new Fayetteville City Hall and City Center Park are in place. The City Council on Oct. 3 voted unanimously to establish the construction fund account for the project, up to a total of $25 million.
Finance Director Mike Bush said city bonds closed on Oct. 3 and will be deposited into the city’s bank account set up as a construction fund for the City Center project.
“Staff is working with Georgia Fund 1 to open an account for the bond proceeds. Once the account is opened, the city will move the proceeds into this interest-bearing account,” Bush said. “We will draw down from the Georgia Fund 1 account to fund the construction account at United Community Bank to pay for the project. The City will receive interest in the Georgia Fund 1 account, so that is why we are creating this account as we do not get interest from our local bank.”
Groundbreaking for the project at the site of the former school system building on Stonewall Avenue was held Oct. 1, with demolition set to follow later this year.
The City Hall and City Center Park projects are expected to be completed in late 2020 or early 2021.