City of East Grand Rapids Public Parking Facility and Pedestrian Safety Bond Proposal
Shall the City of East Grand Rapids, Kent County, Michigan, borrow the principal amount of not to exceed $9,000,000 and issue its general obligation unlimited tax bonds for all or a portion of that amount in one or more series payable over not to exceed twenty years from the date of issue of each series to pay a portion of the cost of designing, acquiring and constructing a public parking facility located on Bagley on or near the existing East Grand Rapids Public Schools parking lot, site acquisition, site work, traffic signals at Lake and Bagley/San Lu Rae, designing and constructing pedestrian and micromobility safety infrastructure and related expenses and improvements?The estimated millage to be levied in the first year of levy is 0.5922 mills ($0.5922 for each $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds is 0.4925 mills ($0.4925 for each $1,000 of taxable value).
