Holladay's 2025 lease revenue bonds for City Hall and Spring Lane Park: records from 2025 and 2026

Holladay created a Local Building Authority in September 2025 to finance City Hall and Spring Lane Park through lease revenue bonds. City and authority records from August 2025 to August 2026 give the amounts. ^[1][2]

The 2025 decisions

On Aug. 7, 2025 a consultant presented options for a combined need of about $19.9 million: a $6.6 million bond in 2026 or a $10.1 million bond. The minutes put capital fund balance at $17.6 million. ^[3]

On Aug. 28, 2025 the minutes give City Hall at $9.7 million and Spring Lane at $9 million, and model a 30-year lease at an estimated 4.5% rate. ^[1]

On Sept. 11, 2025 the council voted 5-0 on Resolution 2025-23 to create the authority. The minutes state that sales and property tax are not pledged. ^[2]

A public hearing on up to $11,500,000 in lease revenue bonds was noticed for Nov. 6, 2025. ^[4]

Budget figures

The authority's fiscal 2025-26 budget notice listed $10,260,000 in expected 2025 bond proceeds, $8,592,112 for the City Hall renovation and seismic retrofit, and $6,967,888 for Spring Lane Park. ^[5]

A later fiscal 2025-26 city budget amendment shows $10,000,000 in 2025 bond proceeds for City Hall and Spring Lane. ^[6]

A proposed August 2026 amendment raises the Spring Lane Park budget from $6,967,138 to $9,100,000. ^[7]

At the May 14, 2026 work meeting, the minutes record a transfer to the authority for 2025 bond debt service of $492,000 for the coming year, up from about $250,000. ^[8]