30.7 F
Springville
Tuesday, January 19, 2021
Brand Spotlight Ad(s)

Nephi City approves new soccer fields for Town Square

Avatar
Chris Bairdhttp://www.servedaily.com
Chris is a family man with a beautiful wife and four kids. Three Girls, One Boy. He enjoys playing basketball, being outdoors, and the old normal.

More from Author

Rasmussen and Co Fine Jewelers

Spring Creek Mechanical

Tire Buster’s

r New soccer fields being developed in Nephi City Town Square are expected to be ready for use in Spring 2019. The project is part of the initial phase of the recreation plans to be funded by the newly passed Parks, Arts, and Recreation (PAR) Tax.

On December 18, the Nephi City Council voted to provide an interfund loan to the recreation project so it could start before the PAR tax generates funds.

An interfund loan is defined as when one municipal fund lends money to another municipal fund. Nephi is borrowing money from the city’s gas fund and then paying the gas fund interest. By internally financing through an interfund loan, the city saves itself loan origination costs as well as dictates the interest rate.

Our Print Advertisers

The gas fund will lend the city recreation project $200,000 for a five-year payback period at 2.91 percent interest. The loan will allow the city to begin work on the soccer complex without waiting for the first collection of the city’s PAR tax to be available for use.

With more fields to use, Youth soccer will now expand to be played in the spring and fall.

Our Print Advertisers
Avatar
Chris Bairdhttp://www.servedaily.com
Chris is a family man with a beautiful wife and four kids. Three Girls, One Boy. He enjoys playing basketball, being outdoors, and the old normal.

More from Author

Rasmussen and Co Fine Jewelers

Spring Creek Mechanical

Tire Buster’s

More in Category