GRAND RAPIDS, Mich. — The public funding for two major projects in downtown Grand Rapids is a step closer to reality.
The city commission gave final approval on Tuesday to issue bonds to help pay for the construction of the Acrisure Amphitheater and the Amway Stadium.
The bonds will provide up to $128 million, with $27.5 going to the amphitheater and $100.5 million earmarked for the stadium.
These bonds were approved in 2024 as part of the overall funding plan for both projects.
The city limited the bonds to no more than 30 years with an average net interest rate of 6%.
Bond funding was a key discussion point for city leaders before green-lighting the two separate projects in 2024. While the city will back the bonds, the money to pay back the bond amount will come from revenue generated through the increased hotel use tax in Kent County.
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