By Kevin Reagan | Eloy Enterprise
ELOY — Three contracts were approved Monday night by the Eloy City Council to initiate construction of a new City Hall building.
The project is estimated to cost $7.5 million and three funding sources have been identified: development impact fees, the city’s general fund and an excise tax bond.
Bond money and general funds would back the project’s most expensive portion — construction costs — estimated to be about $5.9 million. The council is scheduled to vote on a resolution in February, allowing the city to issue an excise tax bond.
The bond is not expected to raise local taxes since the bonds are sold and levied against the city’s current tax revenues. Impact fees will cover costs accumulated in the initial stages, mainly involved with designing the building.
