Fayetteville officials are

making plans to arrange approximately $2.25 million in bond financing

for the proposed amphitheater and other downtown improvements.

A resolution on next week's

City Council agenda would allow for an intergovernmental contract between

the city and the Downtown Development Authority authorizing the issuance

of bonds for the program.

The final bond amount and interest

rates should be available next Tuesday or Wednesday, City Manager Joe

Morton said at the council's work session last week, and that information

will be on hand in time for the council's regular Thursday meeting. The

city expects to receive a very favorable bond rating, Morton added.

Current estimates put the amphitheater

portion of the bond total at about $1.5 million. That leaves $685,000

for the Downtown Improvement Program which includes streetscaping, parking

lot improvements, the DDA Property Acquisition Fund and the Facade Grant

program and $65,000 for legal and underwriting costs.

The amphitheater is to be located

on the south end of Fayette County High School, at the eastern entrance

to the Villages multi-use development now under construction at Lafayette

Avenue and Tiger Trail.

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