The City of Redwood City announced that proceeds from the sale of up to $65.4 million in tax-exempt lease revenue bonds will be used to fund the first phase of the new Veterans Memorial/Senior Center building in Red Morton Park.
Phase 1 improvements include a new Veterans Memorial/Senior Center building -VMBSC- with theater, catering kitchen, multi-purpose rooms, senior club room, physical education wellness rooms, non-profit partner offices, garden space, and mini-gym with Pickleball courts.
The programs that veterans are receiving now will continue in the new VMBSC.
Individual investors can buy the bonds from Wednesday, June 2, subject to market conditions, while institutional pricing for the bonds took place on Thursday, June 3.
The purchase of lease revenue bonds can be made through a loyalty investment account.
Individual retail investors may log in or create a new loyalty account to participate. The City and the underwriter offer no guarantee that orders placed will be filled.
The Series 2021 bonds will be the only General Fund debt after issuance.
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