08/04/2020 | News release | Distributed by Public on 08/04/2020 17:20
Commission Gives Additional Boost to Outdoor Pool
PIERRE, S.D. - Pierre's outdoor pool project is getting a financial shot in the arm compliments of low interest rates.
Tonight, the Pierre City Commission agreed to pay up to $10 million of the estimated $12 million project cost. That's an increase from the Commission's original commitment of $6.5 million.
'The financial markets are working in our favor for this project,' said Pierre Mayor Steve Harding. 'Bond rates are extremely low which means we can stretch our dollars much further than we originally thought possible.'
Harding, who has championed the project since becoming mayor in 2017, went on to say that the $10 million can be paid off with existing revenue; that means no new cost to local tax payers.
'With lower interest rates, come lower payments,' said Harding. 'The lower payments means the previously reserved debt service will now cover almost all of this new debt service.'
The additional commitment from the City Commission doesn't mean the project's fundraising initiative will dissolve. The Commission hopes that the private fundraising team can bring additional dollars to the table.
'If we can reach our fundraising goals, we'll be able to fund all the pool features and account for changes in cost estimates,' said Harding. 'If you'd like to donate, visit pierrepool.com'
In March 2019, the Pierre City Commission approved a plan to replace Pierre's 90-plus-year-old outdoor pool. The replacement plan, developed by a volunteer citizen committee, included a $6.5-million base model paid for by the City and a fundraising initiative to pay for additional features. Final pool design is dependent on sponsorships and funds raised.
Pool construction is expected to begin next year.
For more information about the project, visit pierrepool.com.