The City Council of St. Cloud, Florida, has approved a resolution to amend a previous borrowing plan, increasing the authorized amount for the 17th Street ball fields project from $10 million to a potential total of $19 million. This decision, made during a recent council meeting, aims to secure funding for land acquisition, building purchases, and any necessary renovations.

Finance Director Jeff Cooper reported that the current interest rate for this financing is approximately 3.95%, which is favorable for the city. The interim financing will eventually be incorporated into a larger bond proposal set to be presented on September 12, which will also cover various public safety projects, including a new public safety complex and two fire stations.

The interim financing is structured as a bridge loan with a maximum term of five years, but it is expected to be repaid promptly once the larger bond is secured. The city plans to utilize parks, fire, and police impact fees for repayment, which may vary annually based on availability.

The council unanimously approved the resolution, with all members voting in favor. The meeting concluded with no additional comments from council members or city officials.