Duluth to purchase $7.5 million bond for redevelopment

The Duluth City Council voted May 4 to move forward with securing funds needed to continue redevelopment of ‘The Block.’ Mayor Nancy Harris announced the city council and downtown development authority will consider a proposal from Regions Bank to provide financing through issuance of $7.5 million direct placement bond.

Duluth will hold another special called joint meeting of the Downtown Development Authority and the Mayor and City Council at 5 p.m. Thursday in the Community Room of City Hall, 3167 Main Street. The purpose will be to adopt the resolution approving an intergovernmental economic development contract and various other documents in connection with the Taxable Economic Development Revenue Bond. The project is intended to create enough revenue to pay the bond without the need for any tax increase. The public is invited to attend.