Pierre’s outdoor pool project is getting a financial boost compliments of low interest rates.
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.
Mayor Steve Harding says bond rates are extremely low which means the city can stretch its dollars further than they originally thought. He says the $10 million can be paid off with existing revenue; that means no new cost to local tax payers.
But, the additional commitment from the City Commission doesn’t mean the project’s fundraising initiative will dissolve. The Commission hopes the private fundraising team can bring additional dollars to the table.
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. Construction is expected to begin next year.
For more information visit pierrepool.com.
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