Redwood City to Sell up to $65.4MM Lease Revenue Bonds for New Veterans Memorial Building/Senior Center Project

Redwood City, Veterans Memorial Building/Senior Center, Red Morton Park, Thompson Builders Corporation

Redwood City, California – The City of Redwood City is pleased to announce the details of its upcoming sale of up to $65.4 million in tax-exempt lease revenue bonds. Proceeds from the bond sale will be used to provide financing for the first phase of the new Veterans Memorial Building/Senior Center at Red Morton Park.  

Phase 1 improvements include a new Veterans Memorial Building/Senior Center (VMBSC) with a theater, catering kitchen, multi-purpose rooms, senior club room, wellness/Adaptive Physical Education rooms, non-profit partner offices, gardening space, roof top track, and mini-gym that includes pickleball courts. Programs that seniors are receiving now for free or low-cost will continue at the new VMBSC. On May 24, 2021, the Redwood City City Council awarded construction of Phase 1 to Thompson Builders Corporation of Novato.

Individual investors should be able to place orders to purchase the bonds beginning in the afternoon of Wednesday June 2. Subject to market conditions, institutional pricing for the bonds will take place on Thursday June 3. 

“Because of the City Council’s fiscal discipline and the underlying strength of the regional economy, we are very pleased the City earned the highest Standard & Poor’s credit quality last month,” said Melissa Stevenson Diaz, Redwood City City Manager. “Lower interest costs mean taxpayers pay less for this long-awaited facility for the entire community. It is also an excellent example of incorporating sustainable building design to reduce its carbon footprint, winning a Building Electrification Leader award from Peninsula Clean Energy.”  

The purchase of the lease revenue bonds can be made through a Fidelity investment account. Individual retail investors can log into or create a new Fidelity account to participate. The City and underwriter cannot make any guaranty that orders placed will be filled. Please read all disclosures carefully prior to placing orders. 

The Series 2021 Bonds will be the only General Fund debt after issuance.

About the City of Redwood City

The City of Redwood City is a San Francisco Bay Area community located in the heart of Silicon Valley, the technology-rich region extending from the San Francisco Peninsula to the foothills of the Santa Cruz Mountains. Redwood City is the third largest city within the County of San Mateo, with 85,992 residents. The city enjoys an average of 255 sunny days a year, which it boasts via the city slogan: “Climate Best by Government Test”. Incorporated in 1867, Redwood City is home to the San Mateo County History Museum (located in the county’s old courthouse) and the only active deep water port within the south bay of San Francisco. The city’s vibrant downtown, quickly becoming known as the entertainment hub of the San Francisco Peninsula, offers residents, visitors, and businesses a unique retail, entertainment, and restaurant experience. 

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