SPI Insights

Amarillo councilmembers on December 14 authorized the sale of $23.9 million in bonds to fund the renovation of Amarillo Hardware into a new City Hall.

Earlier this year, the City Council had approved the sale of $35 million in certificates of obligation to fund the project, but a lawsuit delayed that action until the case was dismissed.

Under the new financing plan, the city intends to supplement bond funds with money from the American Rescue Plan Act (ARPA) to lessen the tax burden on citizens.

At the November 9 City Council meeting, staff presented councilmembers with options for renovating the existing City Hall building, renovating an existing city-owned building as City Hall, or constructing a new building as City Hall.

The City Council also was presented with various funding options to pay for renovations or new construction for City Hall. At this meeting, councilmembers directed staff to prepare funding options for the renovation of Amarillo Hardware, an existing city-owned building, as City Hall. Council also instructed staff to evaluate and present alternate funding options to reduce the property tax impact of the project.

Assistant City Manager Laura Storrs said access to these funds allows the city to begin work on the renovation project almost immediately or after the holiday season.