2023 LTGO bonds were issued to pay or reimburse the costs of design and construction of the marina steps which will connect the marina to the City's downtown, the replacement of a restroom at the Redondo pier, the design and construction of the memorial flag triangle, the replacement of three docks at the marina, the restoration of the Redondo pier, and the purchase and installation of new parking systems at the marina and Redondo pier locations
Payments on the 2023 LTGO bonds are funded by parking proceeds from the new parking systems, Real Estate Excise Tax, One-time Tax, and the Marina. One-time tax is Sales Tax and Business and Occupation tax provided by construction projects taking place in the City that have a permit value of $15 million or more. The Marina's portion of the debt service relates only to the dock replacement project.
The interest rate on the bonds is 5%.
