County Executive Lamont McClure told the council the county recently borrowed $32 million to finance a planned parking garage and P25 radio equipment, and that the county's strong bond rating produced interest savings he estimated at $5 million over the life of the bonds.
"We borrowed $32,000,000 for the garage and the P. 25 equipment," McClure said in his report. "We were fortunate because our bond rating is the best bond rating in the Lehigh Valley ... We were able to save $5,000,000 in payments over the life of the bond."
McClure said engineers were conducting core sampling in the government center parking lot to assess how far down bedrock lies as part of early design work. He said the garage is in the early stages of design and that the administration will share designs and aesthetic examples with council in the near future.
Council member Mr. Heckman asked whether the garage design could be trimmed so a future building could be tied in; McClure said the garage will be designed to accommodate a building if a future council and executive decide to build one.
McClure said he is advancing the garage project so the next administration and council will be prepared to proceed if they choose to accelerate development.
No formal procurement or construction approvals were taken at the meeting; McClure described the financing and early-site work and committed to future design presentations to the council.