Decatur City Commission approved putting a $40 million contract on the 77-acre United Methodist Children’s Home just southeast of the city on April 17. That same night the commission finalized the Public Facilities Authority, the body that will pursue specific funding for the purchase.
The five PFA members are Cinque Axam, Robert Kennedy, Christa Sobon, Meredith Struby and Leonard Thibadeau.
The PFA will meet twice in May according to Mayor Patti Garrett and at least twice during the summer. They can approve a financing package that can include bonded debt, loans, grants, transfers from the general fund and/or capital improvement funds, or some combination of these.
If the purchase is financed solely through the issuance of bonds, the city estimates that a millage rate increase of approximately 1.4 mills will be needed to meet debt service payments. This is about $350 for a property valued at $500,000.
Meantime, Garrett said the next steps are surveying the property and conducting an inspection of the land and buildings. There are 31 buildings total, seven originally constructed between 1903 and 1919.
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