Council to craft funding plan for major projects, police headquarters

Council to craft funding plan for major projects, police headquarters

The Vallejo City Council directed staff Tuesday to craft a financing and funding plan for large-scale city projects and look into next steps for financing the police department headquarters. The council got a rundown of its existing debt situation with some good news: The city has a bonding capacity of almost $170 million, Melissa Shick of KNN, the city’s municipal advisor, said in a presentation. This month, Vallejo made the final payment on $1…

Vallejo’s efforts to finance new police HQ, road repairs hampered by bankruptcy debt

VALLEJO – The city of Vallejo’s ability to finance future capital improvement projects like $300 million in deferred maintenance on roads and a new police headquarters faces limitations because of loan terms dating back to the city’s 2011 bankruptcy, according to a report to the City Council on Tuesday.The city has been considering issuing bonds for two major capital improvement projects in recent years. It is seeking to build a new police headq…