About Me

My photo
Nazareth, Pa., United States

Friday, August 08, 2025

NorCo Has Sold $32 Million in Bonds For Parking Garage, Will Save $5 Million Over Projected Cost of Repayment

At last night's Northampton County Council meeting, Executive Lamont McClure advised the governing body that the county has sold $35 million in tax-exempt bonds for the construction of a new parking deck. He added that because of its favorable bond rating, it was able to sell them at a lower interest rate than was originally estimated. This means the county will save $5 million in bond payments. 

He indicated that engineers have already embarked on taking core samples to see how far they can go before having to move bedrock. He is pressing "full speed ahead" because "I don't want to leave the next executive and the next county council in a position where they're not prepared to move forward when they're ready to move forward. Once you shut that garage down, there'll be a lot of unhappy people, and you'll want to get that thing knocked down and put up as fast as you possibly can." 

No comments: