“The ‘Brick and Mortar’ program is a potential option,” says Temple City Attorney, Cynthia Daley.
The GMA recommends the ‘Bricks and Mortar’ financing option to cities as a way to fund projects approved through SPLOST-- which is the case for the new administration building. Under this plan, Temple could be able to borrow funds to start the project this spring, based on anticipated SPLOST funds-- expected in late 2014.
“Construction costs are less than they have ever been (now) and financing costs are less than they have ever been,” says Daley.
Under this program, the lender would buy the property and allow Temple to lease it from them until the city can pay the full sum owed.
Daley says Temple is seeking a condition of ‘no-penalty for early payoff’ as the city expects to be able to pay for the project within a few years.
Once started, Temple’s City Engineer says completion of the admin-building would take around 12-months.