01-14-25 Lease Purchase
The lease/purchase agreement for the financing of the new Chillicothe Police facility was presented to the Chillicothe City Council at Monday’s Council meeting. Gilmore and Bell drafted the agreement on behalf of the city.
A Lease Purchase where the city leases the facility to the bank,
and the city leases it back by making annual payments.
The bank would sell certificates of participation to interested financial institutions.
The closing date for the lease/purchase agreement and financing is expected on February 6th.
Under the agreement, the city can pay off the remaining balance of the agreement beginning in 2030.