Woods Cross building authority proposes up to $33 million in bonds for City Hall and park

The Local Building Authority of Woods Cross City intends to issue no more than $33,000,000 in lease revenue bonds to pay for building and improving a city hall and parks, plus costs of issuance, according to a public notice. ^[1]

The bonds would be repaid over no more than 31 years. The notice estimates annual principal and interest at $2,303,367, the same as the annual lease payments it expects the city to make to the authority under a master lease. ^[1]

The notice was posted Oct. 7, 2026. It sets a public hearing for Nov. 3, 2026, at about 6:30 p.m. at City Hall, 1555 S. 800 W., with online participation available. ^[1][2]

How the authority was set up

The council adopted Resolution 2026-1018 on Sept. 15, 2026, creating the Local Building Authority and approving its articles of incorporation and bylaws. The approved minutes say all members present voted in favor by roll call; Council Member Eric Jones was excused. ^[3]

The city manager told the council the authority would provide the legal structure for bonds to pay for the new City Hall and Hogan Park improvements. He said creating it did not authorize any bonds, and that any future borrowing would need separate council approval, according to the minutes. The council serves as the authority's board of trustees. ^[3]

The Oct. 6, 2026 agenda listed a building authority resolution authorizing lease revenue bonds and a city resolution expressing intent to issue them. ^[3]

The property tax link

A May 1, 2026 city schedule said the city would consider raising its property tax rate from .001392 to an estimated .002079 to bring in about $994,249 more, and that the new revenue would help pay part of the City Hall and Hogan Park bond payments if adopted. The schedule says City Hall is more than 50 years old, undersized, and subject to seismic and subsidence hazards. ^[5]

The final fiscal 2027 budget presented Aug. 4 lists a $995,285 property tax increase line labeled for the new City Hall. The same $995,285 appears as a General Fund transfer to new City Hall debt service and as a loan principal and interest line in the capital improvements fund. ^[4]

That fund's budget also lists $1,000,000 for buildings and an $879,000 appropriation of fund balance. ^[4]

The council adopted the budget and tax rate on a 3–2 vote, according to the Aug. 4 minutes. Members of the public who spoke raised concerns about the City Hall project's cost and bond risk and asked that the bond go to a public vote or be postponed. ^[6]

Existing debt

On June 30, 2025, the city reported $9,345,449 in governmental debt, mostly sales tax and excise tax revenue bonds. That figure predates the proposed lease revenue bonds. ^[7]