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Covering Dallas, Monmouth, Independence, Falls City and surrounding areas since 1868
INDEPENDENCE -- Financing for the city of Independence's civic center has hit a roadblock, though it's not expected to hinder the project.
Officials authorized paying for the building -- which will cost $8.6 million -- with the sale of municipal bonds. But those proceeds now won't be in hand until April 6, said City Manager Greg Ellis.
The city's underwriter, Wedbush Morgan Securities, can't sell the bonds until an annual audit of the Independence budget is complete, Ellis said, noting that the audit is now in place.
"The bonds will sell now," he said. "There's no reason to believe they won't."
Still, the city has had to secure an interim $2.5 million credit line through Wedbush Morgan Bank for the building until that transaction happens.
The construction site on South Main Street has been quiet since workers finished ground preparation and installed concrete foundation walls. Activity will resume in a few weeks when structural steel beams for the interior are delivered, Ellis said.
The civic center completion date is now slated for January 2011, instead of December this year.
Recent asphalt work on Main Street in front of the civic center site has left a noticeable depression on the road surface.
Ellis said that will be filled in and leveled when cranes and heavy equipment are no longer needed during construction.
